Chapter 18 Is CADCHF back to a downtrend?
21/03/2023
Summary
UBS announcement Lead the Market
Fundamental analysis
Fundamentally on this pair CADCHF UBS the biggest bank in Switzerland today announced the takeover of Credit Suisse the rescue would “secure financial stability and protect the Swiss economy, On the other hand, we see today news on the Canadian dollar has been released inflation rate CPI It came lower than what market expected at 5.2% And market react for these figures as a negative for the Canadian dollar.
Canada CPI YoY (Feb)
Previous 5.9%
Actual 5.2%
Technical analysis
In this 4-hour diagram chart, the market price now is 0.67336, we expect the market to push up the price to the previous supply zone at 0.67600 then we expect the price to push down to the oldest demand zone at 0.66500 creating Channel to the downside with lower lows and lower high with 20 moving averages pointing down.
Trading Recommendation
Trading Direction: Short
Entry Price:0.67545
Target Price:0.66560
Stop Loss: 0.68087
