CAD/CHF 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Considering the main peaks and valleys observed during the last two months, there seems to be a bullish channel emerging on the CAD/CHF chart. Accordingly, we expect the currency pair to surpass its recent high at 0.8421 and advance further North, towards the up-trend line at 0.85, where the Loonie may start a bearish correction. And most of the technical indicators, especially on the four-hour and weekly charts, are also suggesting the market is going to remain bullish in the foreseeable future. However, there is an important caveat—since CAD/CHF bottomed out in mid-March it has been forming a rising wedge pattern, meaning a breach of the lower trend-line could lead to a strong sell-off.
© Dukascopy Bank SA
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