FxWirePro: CAD/CHF Trade Idea

CAD/CHF chart on Trading View used for analysis

FxWirePro Currency Strength Index for CAD/CHF: Bias Bearish
FxWirePro's Hourly CAD Spot Index was at -67.5682 (Neutral)
FxWirePro's Hourly CHF Spot Index was at 119.367 (Bullish)

Technical Analysis: Bias Bearish
- 'Symmetric Triangle' breakout
- Momentum studies bearish on daily and weekly charts
- Price action below major EMAs and MAs are downward sloping
- MACD support further weakness

Fundamental Factors:
- Expectations for a hike at this meeting have declined. BoC is likely to be on hold at Wednesday’s meeting.
- At this year’s Jackson Hole symposium, Governor Poloz reiterated a gradual and data-dependent approach to policy.
- Canada re-entered NAFTA talks last week, which broke down with continuing disagreements.

Support levels - 0.7361 (78.6% Fib), 0.7306 (Mar 26 low), 0.7290 (trendline), 0.7252 (Mar 16, 19 low)
Resistance levels - 0.7443 (5-DMA), 0.7470 (61.8% Fib), 0.75

Recommendation: Good to go short on upticks around 0.7420/40, SL: 0.7523, TP: 0.7365/ 0.73/ 0.7290

For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.