Today, we will be looking at the CADCHF, we can note from the weekly chart we have come up to resistance of a descending trendline at around 0.7570, and have come off this level with today's candle currently engulfing yesterdays rise. 

Focusing in on the 4 hour chart we can see a possible double top at the trendline resistance and a break of 0.7544 may see a move down to the 0.75 area.

CADCHF

Disclaimer Risk Warning

All opinions, news, analysis, prices or other information contained in this communication (the "Communication") are provided as general market commentary and do not constitute investment advice, nor a solicitation or recommendation for you to buy or sell any over-the-counter product or other financial instrument. You are prohibited from disseminating, distributing, transmitting or forwarding this Communication to any other person or entity without our express written consent. Trading foreign exchange, foreign exchange options, foreign exchange forwards, contracts for difference, bullion and other over-the-counter products carries a high level of risk and may not be suitable for everyone. Any information we give in this Communication is focused exclusively on spot FX only and we provide no advice, analysis, recommendation or other views on foreign exchange derivatives, which are regulated financial products. Further, this communication has been prepared without regard to any specific investment objectives or financial position (including deposit size, leverage, risk appetite and risk exposure) of any specific person. Any reference to historical price movements is informational and based on our analysis. We do not represent or warrant that any such movements are likely to occur in the future, as past performance is not necessarily indicative of future results. The Communication, although based upon data obtained from sources believed by us to be reliable, may be inaccurate or incomplete, may not have been verified and may be changed without notice to you. You understand that we do not distribute the communication with the intent of impacting your investment decisions, therefore, you release us from any liability for any losses, including without limitation, any loss of profit you may incur as a result of reliance on such information or entering into any transaction. By receiving this material, you confirm and agree that you have read, received and understood these conditions. All comments, charts and analysis in this Communication are purely provided to demonstrate our own personal thoughts and views of the market and should in no way be treated as recommendations or advice. Please do not trade based solely on any information provided within this Communication; always do your own analysis. The risk of trading Foreign Exchange (Forex / FX) is substantial. The high degree of leverage associated with FX can work against you. Leverage can result in substantial losses, you should carefully consider whether FX trading is suitable for you in light of your financial situation. If you are unsure you should seek professional advice. We will not accept any liability for loss or damage as a result of reliance on the information contained within this Communication including data, quotes, charts and buy/sell signals. We would like to remind you that the data contained in this Communication is not necessarily real-time nor accurate. FX prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore, we cannot bear any responsibility for any trading losses you might incur as a result of using this data. Copyright Simon Cotterill Trading Ltd. All rights reserved. This publication is protected by copyright and may not be reproduced in whole or in part without permission.

Recommended Content


Recommended Content

Editors’ Picks

EUR/USD fluctuates near 1.0700 after US data

EUR/USD fluctuates near 1.0700 after US data

EUR/USD stays in a consolidation phase at around 1.0700 in the American session on Wednesday. The data from the US showed a strong increase in Durable Goods Orders, supporting the USD and making it difficult for the pair to gain traction.

EUR/USD News

USD/JPY refreshes 34-year high, attacks 155.00 as intervention risks loom

USD/JPY refreshes 34-year high, attacks 155.00 as intervention risks loom

USD/JPY is renewing a multi-decade high, closing in on 155.00. Traders turn cautious on heightened risks of Japan's FX intervention. Broad US Dollar rebound aids the upside in the major. US Durable Goods data are next on tap. 

USD/JPY News

Gold keeps consolidating ahead of US first-tier figures

Gold keeps consolidating ahead of US first-tier figures

Gold finds it difficult to stage a rebound midweek following Monday's sharp decline but manages to hold above $2,300. The benchmark 10-year US Treasury bond yield stays in the green above 4.6% after US data, not allowing the pair to turn north.

Gold News

Worldcoin looks set for comeback despite Nvidia’s 22% crash Premium

Worldcoin looks set for comeback despite Nvidia’s 22% crash

Worldcoin price is in a better position than last week's and shows signs of a potential comeback. This development occurs amid the sharp decline in the valuation of the popular GPU manufacturer Nvidia.

Read more

Three fundamentals for the week: US GDP, BoJ and the Fed's favorite inflation gauge stand out Premium

Three fundamentals for the week: US GDP, BoJ and the Fed's favorite inflation gauge stand out

While it is hard to predict when geopolitical news erupts, the level of tension is lower – allowing for key data to have its say. This week's US figures are set to shape the Federal Reserve's decision next week – and the Bank of Japan may struggle to halt the Yen's deterioration. 

Read more

Majors

Cryptocurrencies

Signatures