CAD/CHF 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Another channel down was formed by CAD/CHF on November 7, when the pair refused moving above 0.8859 and has been depreciating during the last 370 bars. At the moment of writing the pair was bounded in a 150-pip range between weekly R1 and weekly S1. The market sentiment is just slightly bullish, with 57% of opened positions being long. Moreover, vast majority of pending orders are placed to buy the pair. Hence, a move back to 0.8219 seems probable. The last but not least factor that speaks in favour of pair's appreciation, is the fact aggregate technical indicators on a 4H chart are sending ‘buy' signal. Moreover, MACD on three timeframes is suggesting the pair is oversold already.
© Dukascopy Bank SA
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