CAD/CHF reversed from support zone

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.


EUR/USD: "V-Top" pattern

The pair is likely going to test the nearest support at 1.2313. If a pullback from this level happens little later on...



Morning brief for May 30

 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…

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