CAD/CHF reversed from pivotal resistance level 0.7720
By: Dmitriy Chernovolov
- CAD/CHF reversed from pivotal resistance level 0.7720
- Next sell target - 0.7600
CAD/CHF recently reversed down sharply from the strong pivotal resistance level 0.7720 (which stopped the previous primary ABC correction ② at the end of last November, as you can see from the daily CAD/CHF chart below). The resistance zone near the resistance level 0.7720 was strengthened by the upper daily Bollinger Band. The downward reversal from 0.7720 stopped the earlier minor C-wave of the intermediate ABC correction (2) from January.
Considering the strength of the resistance level 0.7720 and the overbought reading on the daily Stochastic indicator - CAD/CHF is likely to fall further toward the next sell target at the support level 0.7600.