CAD/CHF - Trend Continuation (Short)
Chart with historical touches
Chart with historical touches
Current Daily Chart
Hi Traders
CAD/CHF is retesting 0.8850-0.8870 range which acted as a good support & resistance level. The pair is in down-trend since August 2012 in Weekly chart & since May 2013 in Daily chart. RSI is in convergence in Monthly, Weekly & Daily time frames.
IMPORTANT: Trade will only be valid if current bar closes at 0.8848 or lower which will make it a high test bar.
Pair scoring following points for Trend Continuation:
1. Lower Highs & Lower Lows
2. Below 50 & 200 EMAs
3. Horizontal Resistance (0.8850-0.8870 range)
4. RSI Convergence
5. Bearish Price Action (Possible High Test Bar)
6. No Major level of support in the way
7. FIB resistance level (Retracement Level 0.382)
PS. CAD & CHF both are becoming weaker in their crosses, so this trade might not trigger & hover around & below the range.
