CAD/CHF: buy target - 0.7320
By: Dmitriy Chernovolov
- CAD/CHF reversed from round support level 0.7000
- Next buy target - 0.7320
CAD/CHF recently reversed up sharply from the strong round support level 0.7000 (which also earlier reversed the sharp (A)-wave in January). The upward reversal form this support level created the strong daily Japanese candlesticks reversal pattern Morning Star (standing outside the lower daily Bollinger Band – which strengthened this bullish signal).
With the daily RSI still close to the oversold area - CAD/CHF can be expected to rise further in the active minor corrective wave (iv) toward the next buy target at the resistance level 0.7320 (former support level which stopped earlier impulse wave (i) in July).