CADCHF in the first week of the current month set the new maximum at 0.7718. The movement to this high was characterized by a high momentum.

The following days brought rebound, which led to the supports confluence, where the EMA 10/20 channel meets the horizontal level of 0.7560 and the 50% abolition of Fibo of the last growth impulse. As can be seen on the daily chart below, the support has so far been successfully tested, so it may turn out that the pair will return to the upward trend from current levels.

The closest goal for this scenario will be high around 0.7718. Another horizontal resistance can be found near 0.7850, however, before the price reaches it, buyers will have to face the resistance in the form of a trend line running from 2017 high.

Alternatively, the effective breaking of the support discussed above will open the way to the next level of defence close to 0.7478.

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