Daily Forex Update: CAD/CHF
By: Dima Chernovolov
CAD/CHF continues to fall inside the hourly Falling Wedge chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Falling Wedge at the 5-bar level – which is the result of the slow Initial Trend (4 bars), strong Uniformity (8 bars) and average Clarity (5 bars). CAD/CHF is expected to fall further inside this chart pattern – in line with the earlier breakout of the key support area shown below.
As can be seen from the daily CAD/CHF chart below, the price earlier broke the support zone lying between the key support level 0.7730 (former resistance from April), support trendline of the daily up channel and the 61.8% Fibonacci correction of the upward price impulse from last month. This price area is acting as resistance zone after it was broken. The proximity of this resistance zone increases the probability CAD/CHF will continue to decline inside this Falling Wedge.
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