CADCHF Idea

13 mai 2017

After this pair finished a very strong couple day downtrend, it recently corrected about 55% and now is heading back down. It has sliding support from the low of the downtrend and from the bottom of the correctional leg it is currently in right now. I'm looking at a bearish bat pattern as shown with short entry being the top blue box and the rest of the blue boxes being targets for profit taking. Stop loss should be 15 ticks above the D point in my opinion because this pair is pretty safe and should not cause much irrational price action that would veer from what I'm thinking. Canada is building a strong economy with increasing growth and rates while the Franc is under constant threat from SNB action so i do believe that there is a chance that this pattern may just play out.

Thanks for the Support and Trade with Care!