CADCHF
From the technical views:
1. From the monthly perspective, the price made an impulse to the downside followed by a correction but failed to create another impulse to the downside, a.k.a new lower low, and now we can expect some bullish arise on the CADCHF .
2. From the weekly perspective, the price reached the major resistance level and create a small W pattern, we can expect a deeper retracement soon to retest the neckline of the W.
3. From the daily perspective, the price created a new impulse to the downside, we can expect a new correction soon from this area and this is exactly what we want to see it from the weekly perspective and complete the new ECW pattern to the upside.
From the fundamental views:
1. Big players are bearish bias on both CHF and CAD in the short term.
2. In the new report, more longs positions are getting closed on CHF and the short positions are slowly increased on CHF, we can expect some weakness arise on the CHF. From the CAD views, more short positions getting closed and more longs positions getting open even though they are still bearish on CAD in the short term but compare with CHF, CAD is stronger than CHF.
3. Strong CAD and weak CHF, CADCHF should move to the upside.
How to approach CADCHF?
1. Monitoring the price action on the lower timeframe, if the market will shift to the bearish market, then we can take a short position and targeting the neckline of the W, if your rules of the strategy are fulfilled.
2. After the W pattern complete, monitoring the price action on the lower time frame, if the market will shift to the bullish market, then we can take a long position and complete what we want to see the bullish ECW on the daily timeframe . If your rules of the strategy are fulfilled.
3. Just short at the moment is not a good idea, because lower timeframe still indicating bullish market, the market can easily moving to the upside aggressively.
The result might not follow my analysis, this analysis is based on the TA & FA perspectives.
Comment down below let me know your view on CADCHF or which pairs you would like to me analyze in the future.
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