• CADCHF reversed from resistance zone
• Likely to fall to support level 0.73000
CADCHF currency pair continues to fall after it reversed down from the resistance zone located between the major resistance level 0.7365 (which has been reversing the price from July), upper daily Bollinger Band and the 61.8% Fibonacci correction of the downward price impulse from May. The downward reversal from this resistance zone will most likely form the daily Bearish Engulfing – strong sell signal for this currency pair.
Given the strength of the aforementioned resistance zone and the strong bearish CAD sentiment seen today (oil crude oil losses), CADCHF currency pair can be expected to fall further toward the next support level 0.73000.