Go short in CADCHF

The currency pair trades in a descending channel pattern on four hourly chart since past two weeks. We can see every time the prices hit the declining trend line it pulled back to the lower flat trend line and vice versa. Now, the pair points towards a sell signal as it recently reversed off the key resistance area of 0.7476 and is likely to move towards 0.7437 which the traders can set as first target. If the prices dives below this level then the next target can be at 0.7390. This will give a success to the descending triangle pattern.

Stop Loss: 0.7487