CAD/CHF – Breaking out to downside

Chris Capre 2ndskiesforex

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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Author

Chris Capre

2ndskiesforex

Chris Capre is a professional forex trader and mentor specialized in Price Action trading, and the Ichimoku Cloud.

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