Trade of the Day: CAD/CHF

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ChartViper Trade of the Day

CAD/CHF recently broke the 30-minute resistance level 0.6916, which was earlier identified by Autochartist. Autochartist rates the Significance of this resistance at the 6-bar level – which is the result of the six previous reversals from this price level. CAD/CHF is expected to rise toward the forecast price 0.6934.

As can be seen from the weekly CAD/CHF chart below – the pair earlier reversed up from the major support area located between the long-term support level 0.6800 (which has been reversing the pair from the start of 2022) and the lower weekly Bollinger Band. The proximity of this support area increases the probability CAD/CHF will continue to rise toward the forecast price 0.6934.

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