CAD/CHF: Broken support now acting as resistance

Chris Capre 2ndskiesforex

Price Action Context

Following a strong double rejection at the LT resistance around 0.70, price broke cleared a short-term support and resistance zone which acted as both resistance and support in the past, now again acting as resistance, rejecting price to the downside.

Trending Analysis

Short-term bias is bearish, and traders can look for potential shorting opportunities on weak pullbacks into the resistance zone with the next support starting to come in at around 0.6855.

Closest Support & Resistance Zones

Resistance: 0.6915 – 0.6940

Support: 0.6840 – 0.6855

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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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