Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Friday's Forex Update: CAD/CHF

Published 05/25/2018, 05:04 AM
Updated 03/09/2019, 08:30 AM

CAD/CHF continues to fall inside the hourly Falling Wedge chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Falling Wedge at the 5-bar level – which is the result of the slow Initial Trend (4 bars), strong Uniformity (8 bars) and average Clarity (5 bars). CAD/CHF is expected to fall further inside this chart pattern – in line with the earlier breakout of the key support area shown below.

CADCHF 38 Candles

As can be seen from the daily CAD/CHF chart below, the price earlier broke the support zone lying between the key support level 0.7730 (former resistance from April), support trendline of the daily up channel and the 61.8% Fibonacci correction of the upward price impulse from last month. This price area is acting as resistance zone after it was broken. The proximity of this resistance zone increases the probability CAD/CHF will continue to decline inside this Falling Wedge.

CADCHF 1 Day Chart

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.