Trade of the Day: CAD/CHF
By: Dima Chernovolov
CAD/CHF recently broke the key support level 0.7614, which was previously identified by Autochartist. Autochartist rates the Significance of this support level at the 4-bar level – which is the result of the four previous price reversals from this price level. CAD/CHF is expected to continue to fall toward the forecast price 0.7579.
As can be seen from the weekly CAD/CHF chart below – the price earlier reversed down from the major resistance zone located between the long-term resistance level 0.7820 (which has been repeatedly reversing the pair from 2016), upper weekly Bollinger Band and the resistance trendline of the wide up channel from 2020. The proximity of this resistance zone increases the probability CAD/CHF will continue to fall toward the forecast price 0.7579.