The Canadian dollar/ Swiss franc pair began to show signs of reversing the downward trend in which it was involved during the past five months after breaking its line of short-term trend. The mere fact that the pair returned to examine the trend line above, but failed to close below gives an indication of a true breaking of the trendline. The accompanying positive deviation in the estimation strengthens bullish MACD.
Current price levels are attractive enough to take long position immediately, but the break above the 0.9770 resistance level is a strict confirmation to the upward sequence, which is expected to rise to the secondary target of 1.0100, and then progress to our target price together around the 1.0500 resistance level. The protection order can be placed slightly above the intraday low of the last session, around 0.9480 Swiss francs per Canadian dollar.
