CADCHF : GROING APPETITE FOR RISK
- The market was trading below a bearish trendline for a month ; the short-term trend was then bearish.
- In mid-June, and with the establishment of a new low above 0.6435, the market has registered a sharp rebound.
Investors' appetite for risk suddenly grew, and FX safer havens such as CHF and JPY currencies have been fled from traders.
The market accelerated on the upside and broke-out the short-term bearish trendline.
Both moving averages are now bullish, as dynamic support to the market, while the DMI indicator displays a strong bullish pressure inside a more and more directional price action.
- All the above technical signs combined with the fact the market is now registering a new short-term high, makes us think a new bullish trend is on its way here.
The next targets are given by the Fibonacci retracement of last bearish trend : 0.6570 (50%), 0.6600 (61.8%, 0.66475 (78.6) and 0.6705 (100%).
Meanwhile, strong support levels have also been around 0.6530 and 0.6495.
Pierre Veyret, Technical Analyst at ActivTrades
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
- In mid-June, and with the establishment of a new low above 0.6435, the market has registered a sharp rebound.
Investors' appetite for risk suddenly grew, and FX safer havens such as CHF and JPY currencies have been fled from traders.
The market accelerated on the upside and broke-out the short-term bearish trendline.
Both moving averages are now bullish, as dynamic support to the market, while the DMI indicator displays a strong bullish pressure inside a more and more directional price action.
- All the above technical signs combined with the fact the market is now registering a new short-term high, makes us think a new bullish trend is on its way here.
The next targets are given by the Fibonacci retracement of last bearish trend : 0.6570 (50%), 0.6600 (61.8%, 0.66475 (78.6) and 0.6705 (100%).
Meanwhile, strong support levels have also been around 0.6530 and 0.6495.
Pierre Veyret, Technical Analyst at ActivTrades
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
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