The market is going to test the closest support at 1.4069 - 1.4027. If a pullback from these area happens little later on...
CAD/CHF broke major resistance level 0.7765
- CAD/CHF broke major resistance level 0.7765
- Next buy target - 0.7925
CAD/CHF continues to rise inside the minor impulse wave (iii) – which belongs to the impulse 3 of the sharp intermediate impulse wave (C) from the start of June. The price earlier broke the major resistance level 0.7765 (which has been steadily reversing the price from December, as can be seen below). The breakout of the resistance level 0.7765 greatly intensified the bullish pressure on this currency pair. CAD/CHF is expected to rise to the next buy target at the next resistance level 0.7925 (target price for the completion of the active impulse wave 3).
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.