CAD/CHF reversed from support zone
By: Dmitriy Chernovolov
- CAD/CHF reversed from support zone
- Next buy target - 0.7590
CAD/CHF has been rising in the last few trading sessions – following the earlier upward reversal from the support zone lying at the intersection of the pivotal support level 0.7440 (former resistance level from March, which also earlier reversed the pair in April) and the 61.8% Fibonacci correction of the previous sharp intermediate (C)-wave from last month. The upward reversal from the aforementioned support zone created the daily Japanese candlesticks reversal pattern Bullish Engulfing.
CAD/CHF is expected to rise further to test the resistance level 0.7590 (which reversed last week the earlier intermediate ABC correction (2)).