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Technical analysis of CAD/CHF for January 11, 2016

After finding the top formed around 0.7740, a sharp price drop followed on December 3, 2015. While the falling price broke below the ascending channel and even the extended channel trend line. Wthin the following corrective wave up, the price rejected the extended channel trend line and produced a new lower low.

Fibonacci applied to the channel breakout point shows that the final target is at 0.6590 (0% Fibs). At the same time, Fibonacci applied to the last corrective wave up shows that 361.8% is at the same price level of 0.9590.

Consider selling CAD/CHF while the price is above S1 (0.7030), targeting the S3 (0.6590) support area. The stop loss should be placed just above R2 (0.7300).

Support: 0.7030, 0.6860, 0.6590

Resistance: 0.7170, 0.7300

CADCHF.png

The material has been provided by InstaForex Company - www.instaforex.com