Facts:
CADCHF bounced off the key mid-term resistance zone
The mid-term sentiment remains bearish
Recommendation:
Trade: Short position on CADCHF at market price
Target: 0.5980, 0.5950
Stop: 0.6075
Opinion: CADCHF has experienced an upward correction recently. Looking at the H1 interval, one can see that sellers managed to halt advance at key mid-term resistance around 0.6055 which is marked with the upper limit of the 1:1 structure and previous price reactions and 100-period moving average. Taking this into account, continuation of a downward move is possible. We recommend taking short positions on CADCHFat market price with two targets: 0.5980 and 0.5950 We also recommend placing a stop loss order at 0.6075. Source: xStation5
