Swiss Franc is About To Reverse
Historically, the stability of the franc is caused by the solid Swiss economy and a highly developed banking system…
CAD/CHF has slumped
2019-11-11 • Updated
Trade ideas
SELL 0.7470; TP 0.7430; SL 0.7485
BUY 0.7510; TP 0.7570; SL 0.7490
The CAD has fallen versus the most major currencies after the Bank of Canada said that it considered an insurance rate cut. Have a look at the chart of CAD/CHF: the pair is testing daily moving averages. A close below 0.7490 on Friday will result in a bearish “engulfing” candlestick and open the way down to the 2018-2019 support line in the 0.7315/00 area. The decline below 0.7470 may trigger the slide to 0.7450 and 0.7430. Below 0.7400, another swing down towards 0.7300 will start. On the upside, a return above 0.75 (200-day MA) is needed to open the way up to 0.7570 and higher.
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