CAD/CHF 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After bouncing back from the upper boundary of the bullish channel, the Canadian Dollar decided to trade horizontally rather than decline in the direction of the lower trend-line. As the trading range of the pair is gradually decreasing, the current pattern can be considered as the rising wedge. Therefore, the further contraction of the range can be widely expected. 
Even though traders predict the pair to rise in 72% of all cases, the Loonie is capped by a significant resistance at 0.8548 (daily pivots and 55-hour SMA), which should be taken into account. Hourly technicals give mixed signals, but medium-term ones support market participants, as they are bullish.

© Dukascopy Bank SA
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