After finding the top at 0.7600, CAD/CHF fell down sharply breaking below both 50 and 200 Moving Averages. At the same time, the pair broke below the uptrend trendline suggesting a continuation of the decline.
Fibonacci applied to the trendline breakout point shows that today the pair found the resistance near 61.8% (0.7474) level. Currently CAD/CHF is rejecting the 50-Moving Average which should act as resistance providing a good selling opportunity.
Consider selling CAD/CHF at the current rate (0.7455), targeting either 38.2% (0.7391) or 23.6% Fibs (0.7340) support levels. The suggested stop loss is 0.7507.
Support: 0.7432, 0.7391, 0.9340
