© Dukascopy Bank SA
CAD/CHF has opposite scenario to the one we have just described for the NZD/USD cross. Here we suggest that bears are going to overtake leadership and push the Canadian Dollar downwards during this week and next week. Important support lines to meet are offered by 100-period SMA and monthly PP at 0.7496/72. They are followed by 200-period SMA at 0.7435 and monthly S1 at 0.7373. The latter guards the pattern's lower edge at 0.7354. Sentiment among traders is distinctly bearish (68%), while weekly technical indicators have mixed opinion on the matter. On the other hand, 4H and daily studies think that bulls will not allow the downward trend to extend much below the nearest supports.
© Dukascopy Bank SA