CAD/CHF reversed from resistance zone

CAD/CHF reversed from resistance zone

  • CAD/CHF reversed from resistance zone
  • Next sell target - 0.7270

CAD/CHF recently reversed down sharply from the resistance zone lying between the resistance level 0.7380 (previous monthly high from May), upper daily Bollinger Band and the 50% Fibonacci correction of the previous sharp downward impulse from the middle of April. The downward reversal from this resistance zone created the daily Bearish Engulfing – which marked the end of the previous minor impulse wave (i). CAD/CHF is expected to fall to the next sell target at the next support level 0.7270 (previous resistance level from May).

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