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CAD/CHF chart on Trading View used for analysis
- CAD/CHF is extending weakness on the day after minor recovery attempts on Thursday were capped at daily cloud.
- The pair trades with a bearish bias on the intraday charts and we see scope for weakness.
- Price action is below daily cloud and major moving averages and we see convergence with RSI and Stochs.
- The pair has broken below 200W SMA and close below for the week confirms further downside.
- Next major bear target lies at 0.7355 (trendline support). While retrace above 200-DMA negates bearish bias.
- Focus on Canadian monthly GDP data due later in the day for fresh impetus.
Support levels - 0.7395 (June 22 low), 0.7355 (trendline)
Resistance levels - 0.7501 (5-DMA), 0.7516 (200W SMA), 0.7557 (200-DMA)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
