• CADCHF reversed from key resistance level 0.6775
• Likely to fall to support level 0.6700
CADCHF recently reversed down from the key resistance level 0.6775 (former lower boundary of the sideways price range from December, acting as the resistance after it was broken earlier this month).
The resistance level 0.6775 was further strengthened by the 50% Fibonacci correction of the downward impulse from the start of March.
Given the clear daily downtrend, CADCHF can then be expected to fall further toward the next key support level 0.6700.
German industrial production continues to decline. The rate of contraction in March was slightly better…
US indices have been gaining daily since the beginning of May. They have found strength…
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The single currency is trading near $1.076, waiting for further cues and facing serious resistance…
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