EUR/JPY broke key support level 131…
CAD/CHF reached buy target 0.7500
- CAD/CHF reached buy target 0.7500
- Next buy target - 0.7600
CAD/CHF recently reversed up from the strong support level 0.7380 (former powerful resistance level which reversed the pair sharply in May and June). The upward reversal from this support area created the daily Japanese candlesticks reversal pattern Bullish Engulfing. The price today reached the resistance level 0.7500 (which was set as the buy target in our earlier forecast for this currency pair). If the price closes above this resistance level - CAD/CHF can then be expected to rise to the next buy target at the next resistance level 0.7600 (top of the previous wave B).
There isn't any reversal pattern so far. If the 21 MA acts as resistance, we're likely going to have just another decline...
Expanding bullish Ichimoku Cloud with rising Senkou Span A; a cancelled golden cross of Tenkan-sen and Kijun-sen; the prices are returned to the support of Tenkan and Kijun and may go higher.
Narrow bearish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen, but the lines are horizontal; the Bulls can’t breaking out the resistance of upper border of the Cloud and the market may return to 113.00.