CAD/CHF – Sharp bearish reversal followed by potential breakout structure

Chris Capre 2ndskiesforex

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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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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