CADCHF at an important resistance zone. I want to preface that tomorrow we have the Fed rate decision and we can expect some volatility. Be careful with currencies such as the Yen and Swiss Franc.
We have a nice trend with multiple swings. You can say we have a double top too (more on that below). What I would like to see is a confirmed first lower high swing to confirm a downtrend wave. That would mean a move up to retest the breakout zone (you will see it clearly on the 2 hour chart), to make a swing before making lower lows to confirm it.
Let us take a look at the daily chart:
The Daily shows a rejection at a major resistance zone. An engulfing candle as well.
The 2 hour chart shows a double top pattern after multiple swings (higher lows). A double top confirms that the trend is exhausting as no new higher lows are being made (with confirmed higher highs).
Our first target will be 0.7550-60 zone.
We have a nice trend with multiple swings. You can say we have a double top too (more on that below). What I would like to see is a confirmed first lower high swing to confirm a downtrend wave. That would mean a move up to retest the breakout zone (you will see it clearly on the 2 hour chart), to make a swing before making lower lows to confirm it.
Let us take a look at the daily chart:
The Daily shows a rejection at a major resistance zone. An engulfing candle as well.
The 2 hour chart shows a double top pattern after multiple swings (higher lows). A double top confirms that the trend is exhausting as no new higher lows are being made (with confirmed higher highs).
Our first target will be 0.7550-60 zone.