FX.co ★ Technical analysis of CAD/CHF for May 11, 2016

CAD/CHF found the bottom at 0.7420, after which it moved higher producing higher high and higher low. At the same time, the pair broke above the downtrend trendline with the 4H close above it, suggesting that rate might be ready to move higher.

There are two very strong resistance areas formed by the price that corresponds to the Fibonacci levels applied to the channel breakout point.

Consider buying CAD/CHF today while rate is near S1 (0.7520), targeting either R3 (0.7615) or R4 (0.7675). Stop loss should be just below S2 (0.7480)

Support: 0.7520, 0.7480

Resistance: 0.7550, 0.7580, 0.7615, 0.7675