MarketBreakdown | EURUSD, USDCAD, GBPCHF, SILVER

8 Feb 2022

Hey traders,
here is a brief technical outlook of 4 peculiar instruments in my watch list.

1️⃣ EURUSD - 3 days time frame 🇪🇺🇺🇸

Even though last week was very bullish for EURUSD,
we should remember that the pair is still trading in a long-term bearish trend.

After setting a lower low last week the pair perfectly retraced to a major horizontal zone of supply based on the historical structure.
For now, the underlined zone looks respected.
I expect a further decline from that.

2️⃣ USDCAD - 12H time frame 🇺🇸🇨🇦

For the last two weeks, the pair is consolidating.
The price is trading within a narrow trading range.

1.265 is its support.
1.28 is its resistance.

Wait for a breakout of the range to catch the next move
or consider intraday trading within the boundaries of the range selling the resistance and buying the support.

3️⃣ GBPCHF - Weekly time frame 🇬🇧🇨🇭

GBPCHF is trading in a bearish trend.
Lower highs are perfectly respecting a major falling trend line.
Last week the price reached that again.
With a high probability, the next bearish move will initiate from there.

Look for confirmation on lower time frames to short.

4️⃣Silver (XAGUSD) - Daily time frame 🪙

It looks like the market is forming a bearish accumulation pattern.
The price keeps setting lower highs respecting the same lows.
Be ready for an occasional breakout attempt of the horizontal support.

Alternatively, a bullish breakout of a falling trend line will be a bullish signal.

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