After a very heavy drop, CAD/CHF found the bottom near the 0.6900 support area. And then no clear trend was formed. The consolidation might continue and overall, the best strategy during such periods is to buy low and sell high.
Currently, we are witnessing the price being at its low since August 24, 2015 and it is rejecting the ascending channel. At the same time, 38.2% Fibonacci level was broken while the 50% retracement level has not been tested yet.
Consider buying CAD/CHF while it is near the S1 (0.7140) support level, targeting 50% Fibonacci, that is the 0.7770 resistance area. The stop loss should be put slightly below the low of August 24, 2015.
Support: 0.7140, 0.6900
Resistance: 0.7310, 0.7570, 0.7780
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of CAD/CHF for December 15, 2015 . Thanks for your support.
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