CADCHF - Bearish Setup at Key Resistance

10 Oca

The CADCHF pair is currently trading near a significant supply zone, where prices have previously encountered strong resistance and reversed lower. This suggests a potential bearish scenario as sellers might regain control in this region.

A bearish confirmation, such as a rejection candlestick pattern (e.g., a bearish engulfing or long upper wick), would strengthen the case for further downside movement. If this scenario unfolds, the next target to monitor is around 0.63202, which aligns with a key support level.

Traders should wait for clear confirmation of selling pressure before entering short positions to ensure alignment with the broader market sentiment.

14 Oca

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17 Oca

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Target reached.