CADCHF| Shows Bearish Momentum with a Potential Reversal Area
Hello there,
CADCHF is bearish at the H1 timeframe, aiming for the 0.58347 area for the drop of WXY leg extension of ABC.
There is an open area at 0.58000 that could potentially influence the price to drop further.
In the Second scenario: The price could potentially reverse, turning bullish due to unclear bearish waves for ABC. They are too steep on the way down.
In this case, the 0.58440 will need a strong momentum to push up and reach the supply area at 0.59382.
Overall, the momentum is currently bearish in H4 and Daily. and monitoring is required. The setup is volatile, spikey, and high-risk.
Happy Trading, until next time...
K.
CADCHF is bearish at the H1 timeframe, aiming for the 0.58347 area for the drop of WXY leg extension of ABC.
There is an open area at 0.58000 that could potentially influence the price to drop further.
In the Second scenario: The price could potentially reverse, turning bullish due to unclear bearish waves for ABC. They are too steep on the way down.
In this case, the 0.58440 will need a strong momentum to push up and reach the supply area at 0.59382.
Overall, the momentum is currently bearish in H4 and Daily. and monitoring is required. The setup is volatile, spikey, and high-risk.
Happy Trading, until next time...
K.
Comment:
Followed expectations, satisfactory.
Trade closed: target reached