By Anton Eljwizat – The CAD has dropped significantly versus the CHF in the past several days, but few traders are concerned since many indicators are pointing toward an impending correction. As can be seen below, the daily chart is giving bullish signals, indicating that CAD/CHF pair might go up. Forex traders can take advantage of this impending movement by having their Entry Orders in place to capture this reversal.
• Below is the daily chart of the CAD/CHF currency pair.
• The technical indicators that are used are the William Percent Range, Relative Strength Index (RSI), and Slow Stochastic.
• Point 1: the Stochastic (slow) on this chart appears to be providing us with an impending bullish cross, indicating that the next major movement may be in an upward direction.
• Point 2: The Relative Strength Index (RSI) indicates that the price of this cross currently floats in the oversold territory, signaling upward pressure.
• Point 3: the Williams Percent Range has the price indicator near the -100 mark, indicating the price is over-sold and should see some upward pressure.
CAD/CHF Daily Chart
Forex Market Analysis provided by ForexYard.
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