CAD/CHF form 2012 till now was in a strong and coherent descending trend that sellers strictly followed their descending price targets. Price during the recent downtrend was able to record the bottom price of 0.78000 and it is fixed by the ascending candles. The mentioned bottom price is One of the lowest price in the history of this currency pair and generally the price is in a saturation sell area. As it is obvious in the picture below, price during the descending has touched the lower median line and also the round supportive level of 0.78000 and has created the Spining Top candlestick pattern. Closing of the bullish candle(Engulfing pattern) after this pattern will confirm it and warns about ascending of price.
Also In monthly time frame of this currency pair, there is a non-ideal hammer candle stick pattern that warns about the potential for formation of a bottom price and ascending of the price for buyers.RSI indicator in weekly and Monthly time frame is in saturation sell area and with the next cycle confirms the current bottom price and warns about the potential of ascending during the next candles. Generally according to the formed signs in this price chart, until the bottom price of 0.78000 is preserved, there will be the potential for ascending and price reformation in this currency pair.
Technical analysis of CAD/CHF dated 2015.05.08
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