CAD / CHF
Our expectations: We expect the upward movement to continue after correction to Fibo 50. Canada's interest rate is 0.75% and Switzerland's -0.75, making CAD the strongest currency. The currency of a country is representative of its economy, interest rate differences affect the relative value of one currency relative to another.
Alternative Scenario: If the price returns below Fibo 50 and fails to break up above the resistance, a downward impulse may follow.
Comment:
Upward movement
Correction to Fibo level 50
DeM (14) - Turns over an over-sold market - a positive signal
50EMA over 200EMA - bullish formation
We can wait for the current bar to close, as bullish engulfing is expected to be formed which will increase the positive moods.
SL: 0.7491
Junior Trader Stefan Panteleev
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