Market Outlook and Analysis (Oct2019 Week4)
Currency Pair: CADCHF
Technical Analysis – CADCHF
CADCHF H4 Chart: (Trade Review) – Bearish Bat hit TP1 with a +45pip profits
The trade was to short a Type 2 Bearish Bat pattern. Sold at the open of the last trading week. The pair even formed another smaller Bat pattern (on the H1) for another potential short. Eventually started moving down towards TP1. Closed half a position with +45pip profits.
Remaining positions SL moved to Entry, gunning for another 50pips towards TP2.
CADCHF D1 Chart: Resisted at the Sell zone once again
Dailies resisted at 0.7550 and the pair eventually fell towards the end of the trading week. Looking for an extended bearish move towards 0.7380, with a minor Support at 0.7450.
The CHF pairs has been naturally more ‘compliant’ to Harmonic Patterns, turning at the expected zones turning out trades (more often than not) into profitable ones.
CADCHF H4 Chart: Heading towards 0.7450
Expecting the market to continue the selling pressure to at least 0.7450. Breaking below this support would lead the pair towards 0.7380.
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