Trade of the Day: CAD/CHF
By: Dima Chernovolov
CAD/CHF continues to rise in the direction of the Key Resistance Level 0.7489 which was previously identified by Autochartist on the hourly charts. Autochartist rates the Significance of this resistance level at the 6-bar level – which is the result of the 6 previous price reversals form this price level. CAD/CHF is expected to rise toward the Key Resistance Level 0.7489 – in line with the earlier upward reversal from the support area shown below.
As can be seen from the daily CAD/CHF chart below – the price started earlier reversed up from the support area lying between the support level 0.7430 (which has been reversing the price from September) and the lower daily Bollinger band. The proximity of this support area increases the probability CAD/CHF will continue to rise toward the Key Resistance Level 0.7489.