CAD/CHF 1H Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A short, only 62-bar long, ascending triangle pattern was formed with the help of the Canadian Dollar. However, this time the loonie was vacillating against the Swiss Franc and in contrast to CAD/JPY trend examined earlier the current formation has a bullish bias.
Right now CAD/CHF is sitting inside the triangle not far away from the apex that will be attained later in the day. As the SWFX data suggests, the pair is likely to enjoy a rapid rally in the foreseeable future; four out of five traders expect the pair to advance in the hours to come. Technical numbers also prop up the traders' opinion, sending a ‘buy' signal for the four-hour perspective.
© Dukascopy Bank SA
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