CAD/CHF 1D Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although the market has been distinctly bearish since last year's summer, the support at 0.78 managed to initiate a strong recovery that possesses characteristics of a bullish channel. Accordingly, the base case scenario is continuation of a rally. This is also supported by a majority of the daily and weekly technical indicators. However, the price is closing in on the upper boundary of the pattern, meaning there is a high chance of a bearish correction. At the same time, a majority of the monthly studies are giving ‘sell' signals, implying that this potential sell-off may not end at the lower edge of the channel, but instead mark resumption of the August 2013-March 2014 decline.
© Dukascopy Bank SA
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