Market Outlook and Analysis (Aug2019 Week4)

Currency Pair: CADCHF

Fundamental Analysis – CADCHF

There were no major data coming out of Canada and Switzerland for the whole week. No surprises to see this CADCHF consolidate the entire week.

Technical Analysis – CADCHF

CADCHF D1 Chart: Consolidating the entire week

After big drop upon the completion of a Bearish Shark Pattern. The pair has been consolidating in the past one and a half week.

CADCHF H1 Chart: (Trade Review) + Potential Bearish Bat

Since last week, we were expecting this pair to consolidate. Switching to the lower time frame H1, there was a Bullish Bat pattern that worked out perfectly, hitting TP1 (+34pips) and TP2 (+59pips) almost instantly after trigger.

Now there is a potential Bearish Bat Pattern forming up for another short. Let’s monitor this trade for this coming trading week ahead.