Market Outlook and Analysis (Aug2019 Week5)
Currency Pair: CADCHF
Fundamental Analysis – CADCHF
The intensifying US-Sino trade war has sparked a Risk-Off scenario. Creating a rush towards the CHF especially against the commodities currencies. Would expect this trend to continue in this coming week of trading.
Technical Analysis – CADCHF
CADCHF H1 Chart: (Trade Review), Bat (+51pips) & Shark (+62pips and running)
After capturing +59pips from the previous week, the Bearish Bat earned another +55pips. As the pair retraced up to the highs at 0.7390 levels, it created a type II entry for the Bearish Bat and at the same time formed a Bearish Shark Pattern, giving us the conviction for another short trade. Closed a portion of the trade with +62pips. Another half position (risk free trade) is with an open target. Potential target will be at 0.7280 (another 50pips to go)
CADCHF H1 Chart: Continue to short at the Sell Zone
Hoping for a retracement higher towards the Sell Zone for another short down to the current lows at 0.7310. Or the other potential target would be at 0.7280.