Trade of the Day: CAD/CHF

CAD/CHF recently broke the key support level 0.6695, which was recently identified by Autochartist. Autochartist rates the significance of this support level at the 4-bar level – which is the result of the 4 previous reversals from this price level. CAD/CHF is expected to fall toward the forecast price 0.6641.

As can be seen from the weekly CAD/CHF chart below – the pair earlier reversed down from the resistance zone located between the major long-term resistance level 0.6800 (which has been reversing the pair from the start of this year), upper weekly Bollinger Band and the 61.8% Fibonacci correction of the downward impulse from February. The proximity of this resistance area and the strong weekly downtrend increase the probability CAD/CHF will continue to fall forecast price 0.6641.