CAD/CHF Faces Strong Support at 0.7400, Break Below Targets 0.7285

CAD/CHF Faces Strong Support at 0.7400, Break Below Targets 0.7285

• Major support – 0.7400 (trend line joining 0.7333 and 0.7363) 
• The pair has declined till 0.7414 and slightly recovered from that level. It is currently trading around 0.7423. 
• Short term trend is weak as long as resistance 0.7465 holds. 
• Canadian dollar has been trading weak from Friday on account of weak Oil prices .Crude oil prices declined after making a high $41.18 on account of U.S rig count  rose for the first time since December. 
• Any break above 0.7465 will take the pair to next level 0.7500/0.75687. 
• On the downside any break below 0.7400 will drag the pair till 0.7290.
  

It is good to sell below 0.7400 with SL around 0.7465 for the TP of 0.7290

The material has been provided by InstaForex Company - www.instaforex.com