CADCHF Potential Downsides

Hey Traders, In today's trading session, our focus is on the CADCHF currency pair, specifically looking for a potential selling opportunity around the 0.68400 level. CADCHF is currently experiencing a downtrend and is presently in a correction phase. During this correction, the pair is approaching a significant support and resistance zone at the 0.68400 level, which could act as a crucial level for determining the pair's future direction.

It is worth noting that this week, the Swiss National Bank (SNB) is holding a meeting, which makes it an event to watch closely. Market participants will be interested in any announcements or measures taken by the SNB to combat the depreciation of the Swiss Franc (CHF). The SNB's actions can potentially influence the CADCHF pair, as efforts to strengthen the CHF might contribute to a resumption of the downtrend in CADCHF.

By keeping an eye on the SNB meeting and its impact on the CHF, traders can gain insights into potential movements in the CADCHF pair. If the SNB takes steps to bolster the CHF, it could potentially weigh on the Canadian Dollar (CAD) and contribute to a continuation of the existing downtrend in CADCHF.

Therefore, it is important to monitor the SNB meeting and its potential effects on the CHF, as this could provide valuable information for assessing the future direction of the CADCHF pair.

Trade safe, Joe.