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GBPCAD and EURCHF signal bullish moves after key technical levels

GBPCAD is expected to target 1.8800 after reversing near 1.8720, while EURCHF looks set to move toward 0.9350 after clearing 0.9270.

Reported · Written up by our desk · Major Pairs

Action Forex highlighted a bullish technical setup for GBPCAD after the currency pair reversed from a support area around 1.8720, a level that reportedly pushed the price back multiple times late in June.

The outlet linked the move to conditions including a lower daily Bollinger Band and a 61.8% Fibonacci correction tied to the May upward impulse. It said the GBP/CAD price action also stopped wave c of an earlier ABC retracement from the start of July.

Action Forex also pointed to a bullish outlook for EURCHF, saying the pair broke above the 0.9270 resistance zone, which it noted has been a recurring reversal level since March.

The analysis cited a 61.8% Fibonacci correction of a prior down move from last August and projected EURCHF could rise to resistance level 0.9350 after the breakout.

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