After finding a bottom near 0.7300, CAD/CHF started moving up breaking the descending channel. After the channel breakout, the pair corrected and rejected the uptrend trendline.
This week CAD/CHF broke above both 50 and 200 Moving Averages and within a corrective wave down rejected 200 and then 50 Moving Averages which were acting as support.
Consider buying CAD/CHF at the current level (0.7585), targeting either 161.8% (0.7528) or 261.8% Fibs (0.7594) applied to the last corrective wave down. The suggested stop loss is 0.7430.
Support: 0.7422, 0.7488
Resistance: 0.7528, 0.7594
