FxWirePro: CAD/CHF Trade Idea

• Major resistance – 0.7785 (trend line joining 0.7873 and 0.78215).
   
• CAD/CHF forms a double bottom around 0.7635 and jumped sharply from that level. The pair jumped almost 180 pips from the low. It is currently trading around 0.78190.
• CAD was trading higher against all majors on account of rising crude oil prices. US crude oil prices hits level highest since June 2015 on account supply disruption in Libya. The pipe line explosions in Libya on reports of pipeline explosions in Libya which is expected to affect 90000 barrels a day production. Oil prices hits high of $ 59.98 and is currently trading around 59.81.
   
• The pair breaks trend line resistance and holds well above that level. It has closed above trend line and this confirms minor bullishness and a jump till 0.7875/0.79087 is possible. Any break above 0.79589 confirms short trend reversal.
   
• On the lower side, near term support is around 0.7750 (50- day MA) and any break below will drag the pair till 0.7719 (daily Kijun-Sen)/0.7650.

It is good to buy on dips around 0.7800 with SL around 0.7750 for the TP of 0.7905/0.7950.

Resistance
 

R1- 0.7875
 

R2 -0.7900
 

R3-0.7958
 

Support               
 

S1-0.7750
 

S2- 0.7719
 

S3-0.7650