CAD/CHF Targets Higher Levels After Breaking Above Downward Chan

Following another rate cut from SNB, the four-month downtrend in CADCHF CAD/CHF appears to be undergoing a corrective rebound, supported by these fundamental shifts.

Technical Outlook
CADCHF CAD/CHF is poised for further upside if buyers can successfully break above 0.62997, with potential targets at 0.63444 and 0.63664. However, failure to maintain momentum could see the pair retracing back to key supports at 0.62458 and 0.61918.

On the flip side, if the price fails to hold above 0.62997, sellers may regain control, pushing the pair back down toward the key support levels at 0.62458 and 0.61918. A breakdown below these levels would invalidate the bullish outlook in the short term.

Key Events to Watch
Investors will also pay close attention to the press conference with the SNB chairman, seeking insights into the central bank’s future monetary policy direction, especially regarding further stimulus measures. On the Canadian side, factory sales and average weekly earnings data are due for release, which could further influence the CADCHF CAD/CHF pair depending on the results.