CAD/CHF 4H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although since August of 2012 the market has been consistently bearish, in May of this year CAD/CHF managed to stabilise near 0.78 and commence a robust recovery. However, there are signs the upward tendency may not last long, such as the currency pair forming a rising wedge, namely a reversal pattern. Nevertheless, most of the daily and weekly technical indicators are currently bullish, suggesting the loonie is going to surpass its Jun 12 high at 0.83. Regardless, CAD/CHF is considered to be bearish in the near term—it is currently trading just below the upper edge of the pattern and should therefore soon head out towards the lower trend-line at 0.8150.
© Dukascopy Bank SA
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