There' a "V-Top" pattern, so the pair is likely going to test the closest support at 1.3996 - 1.3979. Meanwhile, if a pullback...
CAD/CHF reversed from support zone
- CAD/CHF reversed from support zone
- Next buy target - 0.7250
CAD/CHF continues to rise inside the minor impulse 3, which started earlier when the pair reversed up from the support zone lying between the key support level 0.7160 (which also stopped the previous wave (2) at the start of May) and the lower daily Bollinger Band. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Doji Hammer.
Given the bullish divergence on the daily Stochastic indicator - CAD/CHF can be expected to rise to the next buy target at the resistance level 0.7250.
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.