CAD/CHF – Breaking out to downside
|Price Action Context
Price is now breaking out to the downside of the pre-breakout structure and the sharp bearish reversal that we mentioned in our analysis on the 9th of July.
Trending Analysis
Short-term bias remains bearish and a solid daily close below 0.69 could present potential shorting opportunities on weak pullbacks into the broken support which then should act as resistance. The next area of strong support to look out for starts coming in at around 0.6830. A fast return and close back above 0.6925 would put 0.7015 back into focus.
Closest Support & Resistance Zones
Resistance: 0.6900 – 0.6925
Support: 0.6800 – 0.6830
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