- CAD/CHF pauses upside at 61.8% Fib, bias still higher.
- The pair is currently hovering around 200-DMA at 0.7644, breakout above will see resumption of gains.
- Technical analysis supports further upside in the pair. Price has broken above 100-DMA.
- Momentum studies highly bullish. RSI shows strength at 70 levels and we see +ve DMI dominance with ADX support.
- On weekly charts, MACD is on verge of bullish crossover and Stochs have rolled over from oversold levels.
Support levels - 0.7644 (200-DMA), 0.76, 0.7558 (100-DMA), 0.7487 (38.2% Fib)
Resistance levels - 0.7650 (61.8% Fib), 0.7726 (Aug 22 high), 0.7765 (78.6% Fib)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-CAD-CHF-Trade-Idea-1247787) has hit TP1/2.
Recommendation: Book partial profits at highs. Trail SL to 0.76. Watch out for decisive break above 200-DMA for further upside.
FxWirePro Currency Strength Index: FxWirePro's Hourly CAD Spot Index was at 106.684 (Bullish), while Hourly CHF Spot Index was at -106.682 (Bearish) at 0400 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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