FxWirePro: CAD/CHF consolidates break above daily cloud, eyes 61.8% Fib at 0.7686

Refer CAD/CHF chart on Trading View

• CAD/CHF is consolidating break above daily cloud, bias remains bullish.
   
• The pair has closed above 200-DMA and break above cloud signals upside continuation.
   
• Technical indicators for the pair are bullish. RSI and Stochs are sharply higher, signalling strong momentum higher.
   
• Price action has edged above major EMAs after bullish divergence on Stochs and RSI nicely converging with price action. 
   
• The pair currently holds 5-DMA support at 0.7636. Minor weakness likely on break below.
   
• We see scope for test of 61.8% Fib at 0.7686. While on the downside, retrace below 200-DMA could see dip till 50-DMA at 0.7567. 

Support levels - 0.7636 (5-DMA), 0.7609 (200-DMA), 0.7567 (50-EMA), 0.7506 (23.6% Fib)

Resistance levels - 0.7686 (61.8% Fib), 0.7715 (Apr 17 high), 0.7766 (78.6% Fib) 

Call update: Our previous call (https://www.econotimes.com/FxWirePro-CAD-CHF-finds-stiff-resistance-at-200-DMA-07615-good-to-go-long-on-break-above-1408337) has hit TP1.

Recommendation: Bias higher. Hold for upside.

FxWirePro Currency Strength Index: FxWirePro's Hourly CAD Spot Index was at 29.487 (Neutral), while Hourly CHF Spot Index was at 78.6869 (Neutral) at 0915 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.