CADCHF price surrendered its recent positive momentum after failing to stabilize above the 0.5900 barrier, forcing it to activate a corrective move and slip toward 0.5780, approaching the initial support at 0.5770.

 

As shown on the chart, the 55-period moving average is positioned above the aforementioned initial support, attempting in turn to curb the negative impact on the current trading and provide the price with an opportunity to gather positive momentum, with the aim of forming new bullish waves and targeting 0.5845 and 0.5880.

 

The expected trading range for today is between 0.5780 and 0.5845.

 

Trend forecast: Bullish