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The pair has just broken the lower support trendline of this Triangle with the Breakout whose strength is measured at the maximum 10 bar level. The pair is expected to continue falling toward the Forecast Zone set between the price levels 0.8397 and 0.8485.
This chart pattern continues the strong overriding downtrend which has affected this currency over the course of the last year (best seen on the daily and the weekly charts
The Swiss National Bank shocked the markets when it announced earlier today that it is acting to narrow the target range for the Swiss LIBOR rate from 0.00-0.75% down to 0.00-0.25%
The pair has just broken the lower support trendline of this Triangle with the Breakout whose strength is measured at the maximum 10 bar level. The pair is expected to continue falling toward the Forecast Zone set between the price levels 0.8397 and 0.8485.
I’m already long here at 0.8664 (upper yellow line) with SL at 0.8611 (lower yellow line). And I’m expecting it to go up to 0.8836 where I have my take profit order. I will definitely feel more comfortable once it breaks the ST resistance level around 0.8698 (upper green level):
The pair is currently trading close to the strong support at the round price level 0.8500 (standing just above the upper boundary of the Forecast Zone calculated by Autochartist for this Breakdown – 0.8485) which should be broken for the downtrend to continue. Expect downtrend acceleration on the breakdown through this support.
Price is currently at 0.8001, and is in the area between the BB-2 with W SD W SD BB-1.
if so will prices rising, the next observation points are at:
1.) BB W SD-1 0.8006
2.) MA Weekly 0.8172
even if the price is DECREASING onwards, the dots are on the next observation:
1.) BB W SD-2 0.7840
2.) BB W SD-3 0.7674
CAD/CHF has broken below 0.80, but unlike some other crosses is not yet at all time lows. That was 0.7653 back in early 1995
The price has recently reversed up from the lower support trendline of this chart pattern which coincides with the major long term support at 0.8500. This level stopped and reversed strong downward trend in the end of 2008 and 1998 (as can be seen on the second chart below). The pair is expected to correct further up in the coming sessions.
The Quality of this Triangle is rated at the 5 bar level as a result of the low Initial Trend (rated at one bar level) and the average Uniformity and Clarity (both measured at the 5 bar level)