CAD/CHF: buy target - 0.7950
- CAD/CHF reversed from support level 0.7600
- Next buy target - 0.7950
CAD/CHF recently reversed up sharply from the strong support level 0.7600 (this price level is the former resistance level and the previous buy target set in our earlier forecast for CAD/CHF - acting as support now after it was broken in February, as you can see below). The support zone near 0.7600 was strengthened by the 38.2% Fibonacci Retracement of the previous sharp intermediate corrective wave (2) from the major support level 0.7130. The upward reversal from this support area created the weekly Japanese candlestick reversal pattern – Morning Star Doji.
CAD/CHF is likely to rise further toward the next buy target at the resistance level 0.7950 (top of the previous intermediate wave (2)). Strong support remains at 0.7600.