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.