Daily Forex Update: CAD/CHF
AutoChartist | Dec 02, 2013 03:17AM ET
CAD/CHF continues to fall after recently breaking below the key support level 0.8690 that was previously identified by Autochartist on the daily charts. The pair is expected to fall further toward the target level 0.8461 in the next 14 trading days. The stop-level for this forecast is set by Autochartist at 0.8799. This Key Level breakout follows the predominant downtrend visible on the weekly CAD/CHF charts. More specifically, it follows the previous sharp downward price impulse from the intersection of the monthly resistance trendline from 2007 and 61.8% Fibonacci Correction of the monthly downward impulse from the start of August (as you can see on the second chart below).
The following monthly CAD/CHF chart shows the aforementioned resistance levels:
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