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CAD/CHF Trade idea

  • Major support – 0.7400 (trend line joining 0.7333 and 0.7363)
     
  • The pair has declined till 0.7414 and slightly recovered from that level. It is currently trading around 0.7423.
     
  • Short term trend is weak as long as resistance 0.7465 holds.
     
  • Canadian dollar has been trading weak from Friday on account of weak Oil prices .Crude oil prices declined after making a high $41.18 on account of U.S rig count  rose for the first time since December.
     
  • Any break above 0.7465 will take the pair to next level 0.7500/0.75687.
     
  • On the downside any break below 0.7400 will drag the pair till 0.735/0.7290

It is good to sell below 0.7400 with SL around 0.7465 for the TP of 0.7290

R1-0.7465

 R2-0.7500

R3- 0.7568

Support

S1- 0.7400

S2-0.7350

S3-0.7290

 

 

 

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