Hi Traders! We have CADCHF bearish opportunity forming at the moment. A detailed analysis of this potential sell setup is as follows:
CADCHF Weekly Chart:
On the weekly chart the price is moving inside a horizontal range and is respecting it so far. We also have an inner triangle pattern that has formed inside this range and the price which was respecting this triangle pattern so far has currently broken below the bottom of it. We may consider this as an evidence of bearish momentum and we may now look for more evidences of bearish pressure on lower timeframes in order to join the bears.
CADCHF Daily Chart:
On the daily chart we may now expect pullbacks to happen from the current zone towards the critical zone at 0.74. Once the pullback completes itself, we may then look for more evidences of bearish pressure and then start looking for sells.
It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this sell setup then you can use any setup and strategy that you have in your arsenal to look for bearish moves and join this sell trade.
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