Trade of the Day: CAD/CHF

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ChartViper Trade of the Day

CAD/CHF recently broke the daily Falling Wedge chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Falling Wedge at the 5-bar level – which is the result of the below-average Initial Trend (3 bars), strong Uniformity (8 bars) and medium Clarity (5 bars). CAD/CHF is expected to rise further toward the forecast price 0.6518.

As can be seen from the daily CAD/CHF chart below – the pair earlier reversed up from the support area located between the key support level 0.6480 (which stopped the sharp downtrend in May) and the lower daily Bollinger Band. The proximity of this support area and the oversold daily Stochastic increase the probability CAD/CHF will continue to rise further toward the forecast price 0.6518.

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