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CAD/CHF Potential Downward Movement

CAD/CHF Long-Term Trend: Bearish

Key Resistance Levels: 0.74237, 0.74407, 0.74504.

Key Support Levels: 0.73790, 0.73604, 0.73388.

1-Hr Chart:

The price on the higher time frame failed to break the strong resistance zone around the 0.74167 CHF mark where the market reached the higher end of the bullish channel which led to the sellers to push the price downward and this is represented by a big bodied bearish bar.

CAD/CHF Medium-Term Trend: Bearish

5-Mins Chart:

On the lower time frame, the price posted a double top pattern which led to a reversal after reaching the top of the ascending channel and now there is a potential that the market move to the downside but before that a higher correction could be seen toward the entry price.

Signal Idea:

Sell Limit Order @ 0.74111

TP 1 @ 0.73797

TP 2 @ 0.73604

Stop Loss @ 0.74268

Trade Safely 🙂

In many cases we manually use market orders instead of pending orders to trade the trading ideas we send you. This is higher risk, and you can decide if it suits your trading style.

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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