- January 22, 2021
- Posted by: cabana-admin
- Category: Forex Broker
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.
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