CAD/CHF – Sharp bearish reversal followed by potential breakout structure
|Price Action Context
The strong bullish move in early June was immediately followed by a sharp bearish 4-day reversal. The sharp reversal has been followed by a pre-breakout structure, created by weaker and weaker bullish rejections from 0.69, indicating decreasing bullish interest and order flow around that area.
Trending Analysis
Short-term bias is bearish and a bearish break below 0.69 would open up further downside towards the next long-term key support coming in at around 0.6885 and 0.6835 in extension which could offer potential shorting opportunities.
Closest Support & Resistance Zones
Resistance: 0.7015 – 0.7070
Support: 0.6900 – 0.6925
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