General overview: The bears have established a more bearish side in the market. The bears are forcing the market towards the downside extension in the market. By looking at the daily chart of the CADCHF we can see that pair is heading south side and dominating the bulls at every nook and corner level. Presently bears are leading and playing at the front foot after breaking the important key support level of 0.6982 levels. Today, the pair is trading and moving at 0.6980 level near to key support level. The way the pair is heading south side it seems like bears are snatching the bite from the bull’s mouth and they will move down to test the 0.6950 level. The pair is creating long term bearishness in the market.
Technical Analysis: From the technical perspective we can say that the pair is trading and heading at the south side as a downtrend line followed by an aggressive downtrend line. As a, result the seller can portray that the pair is trading towards the lower side in the market. The RSI also leads towards the sell side below 50 levels and MACD also starts falling below zero lines. Also, the pair is trading below all the minor EMA lines on the 4 hourly charts which are providing strength to the bears. The pair breaks the resistance level at 0.7045 and continues to start to fall from the point and reach the level 0.6918. The support level is 0.6932 followed 0.9582 and resistance is 0.7032 followed by 0.7082.
Trade idea: Based on the chart and studies above we can suggest to our readers that go for sell around 0.6982 and target will be 0.7082-0.7182 and stop loss is 0.6882.
Disclaimer: This is to be considered a marketing communication only, this does not contain, and should not be construed as containing, investment advice or an investment recommendation or investment research or, a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. Past performance is not a guarantee of or prediction of future performance. Cabana Capitals does not take into account your personal investment objectives or financial situation. Cabana Capitals makes no representation and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast, or other information supplied by an employee of Cabana Capitals, a third party or otherwise. Consequently, any person acting on it does so entirely at their own risk. This material has not been prepared in accordance with legal requirements promoting the independence of investment research and it is not subject to any prohibition on dealing ahead of the dissemination of investment research. All expressions of opinion are subject to change without notice. Any opinions made may be personal to the author and may not reflect the opinions of Cabana Capitals. This communication must not be reproduced or further distributed without prior permission.
