CADCHF, Descending triangle pattern, sell signal
CADCHF pair has formed a descending triangle pattern in 4 hour chart. The pattern illustrates that lows are taking place at constant price whereas the highs are forming constantly lower than the previous. It can be noticed that pair is moving in a downtrend and formation of the descending triangle validates the downside move in the pair as it is often considered a continuation pattern.
First target for the pair is at the breadown point i.e. 0.74470, the next target will be at 0.74160 and third target is set at 0.73720. The stop loss for the pair is kept above the upper trend line at 0.75038.
First target for the pair is at the breadown point i.e. 0.74470, the next target will be at 0.74160 and third target is set at 0.73720. The stop loss for the pair is kept above the upper trend line at 0.75038.
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