© Dukascopy Bank SA
After bottoming out at 0.8724 CAD/CHF started rising. The currency pair has been in an up-trend for more than 90 hours already, but it is still ready for even more gains, considering that the bullish support line proved to be reliable and is therefore unlikely to give in if the dips are to occur.
Accordingly, when the Canadian Dollar weakens, it should be underpinned by 0.8835. Additional line in the sand is at 0.8796, where the daily S2 merges with the 200-hour SMA. Meanwhile, the pair is facing the resistance at 0.8874, the current position of the daily and four-hour R2, but is expected to target 0.8920 in the medium term.
© Dukascopy Bank SA