CADCHF → Downtrend triangle on the background of a bearish trend

16 Agu 2023

CADCHF under trend pressure is forming a setup to continue the trend and update the global lows.

The currency pair is in the bearish phase. The price continues to decline and test the strong limit support line at 0.64990.
A descending triangle pattern is forming on the chart, which can be interpreted as pressure from dynamic sellers on limit buyers at 0.64990. The price is within the descending price channel, a retest of the trend resistance each time sends the price to the indicated support - a strong signal for a breakout
Moving averages act as resistance

Support levels: 0.64990
Resistance levels: trend boundary, 0.65450
I expect a bounce from resistance, which will lead the price to another retest of support, which may help the price to breakout.

Regards R. Linda!