CAD/CHF: buy targets - 0.7100 and 0.7150
By: Dmitriy Chernovolov
- CAD/CHF reversed from round support level 0.7000
- Next buy targets - 0.7100 and 0.7150
CAD/CHF continues to rise – following the earlier sharp upward reversal from the major round support level 0.7000 (which also previously reversed the price at the end of August with the daily Japanese candlesticks reversal pattern Morning Star, as you can see on the daily CAD/CHF chart below). The support zone near the support level 0.7000 was strengthened by the lower daily Bollinger Band.
CAD/CHF is likely to rise further from the current levels toward the next buy targets 0.7100 and 0.7150 (38.2% and 61.8% Fibonacci Correction levels of the previous sharp downward impulse from the start of January).