CAD/CHF: Sellers Press for Control Amid Economic Divergence
Market Overview
On Wednesday, 27th November 2024, CAD/CHF found itself under significant bearish pressure, primarily driven by contrasting economic developments in Canada and Switzerland.
Technical Analysis
From a technical perspective, the daily chart of CAD/CHF reveals bearish momentum taking over after price bounced off a mid-term descending trendline. Price touched this trendline, met selling pressure, and subsequently pulled back from the resistance area of 0.64064, which coincided with the trendline. Furthermore, today's price action broke below the previous support level at 0.62851, indicating a continuation of the downward momentum. This breach weakened a critical support level, paving the way for additional downside.
The next downside target for CAD/CHF stands at 0.62521, which serves as the first immediate support. If bearish pressure persists and this level is broken, subsequent targets are 0.62349 and 0.62101.
A potential reversal scenario would be validated if the price recovers and sustains above the 0.63314 mark, which coincides with the 61.8% Fibonacci retracement level.
On Wednesday, 27th November 2024, CAD/CHF found itself under significant bearish pressure, primarily driven by contrasting economic developments in Canada and Switzerland.
Technical Analysis
From a technical perspective, the daily chart of CAD/CHF reveals bearish momentum taking over after price bounced off a mid-term descending trendline. Price touched this trendline, met selling pressure, and subsequently pulled back from the resistance area of 0.64064, which coincided with the trendline. Furthermore, today's price action broke below the previous support level at 0.62851, indicating a continuation of the downward momentum. This breach weakened a critical support level, paving the way for additional downside.
The next downside target for CAD/CHF stands at 0.62521, which serves as the first immediate support. If bearish pressure persists and this level is broken, subsequent targets are 0.62349 and 0.62101.
A potential reversal scenario would be validated if the price recovers and sustains above the 0.63314 mark, which coincides with the 61.8% Fibonacci retracement level.
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