EUR/JPY broke key support level 131…
CAD/CHF reversed from powerful resistance zone
- CAD/CHF reversed from powerful resistance zone
- Next sell target - 0.7770
CAD/CHF continues to fall after the earlier downward reversal from the powerful resistance zone lying between the long-term resistance level 0.7930 (which also reversed the price sharply in 2015 as can be seen form the weekly CAD/CHF chart below) and the upper weekly Bollinger Band. Given the strength of the aforementioned resistance zone, CAD/CHF is expected to fall to the next sell target at the next support level 0.7770 (former multi-moth resistance level).
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.