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CAD/CHF chart on Trading View used for analysis
- CAD/CHF is trading 0.18% lower on the day at 0.7495 at the time of trading.
- The pair trades below 200-DMA and recovery attempts were capped at stiff resistance at 200-DMA.
- Price action has slipped below daily cloud and we see scope for further weakness.
- Technical studies support downside and momentum studies are bearish.
- Stochs and RSI are sharply lower and MACD supports further weakness.
- The pair has slipped below 200W SMA and weakness till 0.7360 (trendline support) likely.
Support levels - 0.7471 (Nov 20 low), 0.7395 (June 22 low)
Resistance levels - 0.7524 (5-DMA), 0.7556 (200-DMA)
Recommendation: Good to stay short on upticks, SL: 0.7560, TP: 0.7470/ 0.74/ 0.7360
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
