CAD/CHF: Likely to correct up to 0.7230
By: Dmitriy Chernovolov
- CAD/CHF moving inside intermediate (B)-wave
- Likely to correct up to 0.7230
CAD/CHF has been falling sharply in the last few trading sessions inside the (B)-wave of the active primary ABC correction Ⓑ from the end of August. The active wave (B) recently broke the daily up channel from August and the support levels 0.7560, 0.7440 and more recently - 0.7230 (former strong support from September, which reversed previous B-wave, as you can see below).
CAD/CHF might correct up to test the recently broken price level 0.7230 (acting as resistance now after it was penetrated) - after which the pair is likely to fall further to the next sell target at 0.7100.