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CAD/CHF chart on Trading View used for analysis
- CAD/CHF extends weakness below 200-W SMA, trades 0.48% ower on the day.
- 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.
- Recovery attempts in the pair were capped at 200-DMA and any upside only on decisive break above.
- The pair has broken below 200W SMA and close below for the week confirms further downside.
- We see price on track to test trendline support at 0.7355. Violation there will see further downside.
Support levels - 0.7395 (Jun 22 low), 0.7355 (trendline), 0.7315 (Sept 6 low)
Resistance levels - 0.75 (5-DMA), 0.7517 (200-W SMA), 0.7560 (200-DMA)
Recommendation: Good to go short on upticks, SL: 0.75, TP: 0.74/ 0.7355/ 0.7315
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
