CAD/CHF Stops at 100SMA

The CAD/CHF pair closed the week gracitating towards the 0.7600 level. The pair has had some massive intra day swings making it almost impossible to day trade because of the unpredictable and rapid movements.

However, on the short term the pair still looks bearish as price has retreated from its high of 0.7870 and reached a low of 0.7535.

If the bearish trend continues, we can expect the pair to reach main target at the long term support zone of 0.7300. That level would act as a strong support if reached and we can expect a pullback once there.

Chart: CAD/CHF D1