A classic H&S
pattern is spotted on the CAD/CHF pair just a few hours before the GDP in
Canada. The pattern, right on a stiff weekly and daily resistance, is a
reliable bearish sign for the pair. A clear break of the neck line at 0.9374
will be the trigger to a down move. Conservative SL should be placed above the
right “shoulder” of the pattern at 0.9409 (today’s high). First target will be
around 50 pips below entry point, and second target can remain open. Watch GDP
reading that has the potential to trigger a strong move.
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