CADCHF: Harmonic Pattern

CADCHF, H2

CADCHF formed a Butterfly harmonic pattern and rebounded from the 0.5940 support.

The RSI shows oversold conditions, and the 200-MA adds an extra layer of resistance for the asset.

Consider a short trade on CADCHF if it breaks below the 0.5940 support, with a target of 0.5880 and 0.5830 in a further breakout.

Trading foreign currencies on margin involves significant risks and may not be suitable for everyone, as high leverage can increase both potential gains and losses. Before entering the foreign exchange market, it is essential to evaluate your investment goals, personal experience, and risk tolerance.

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Author: Timur Yurdagyul

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