CAD/CHF 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Canadian Dollar is set to fall against the Swiss Franc. The currency pair is trading near the apex of the reversal pattern, and once the lower trend-line (currently at 0.7590) is breached, the price will be expected to fall down to the region around 0.7510. The negative bias is also implied by the pair's proximity to the upper bound of the five-week channel at 0.7630.

However, we should note that there will be three significant demand areas on the way to the support line at 0.7510, including the weekly pivot point, long-term SMA and July 13 low. At the same time, the technical indicators give a warning sign against going short—most of them are pointing upwards.
© Dukascopy Bank SA
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