CAD/CHF 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
CAD/CHF is currently in a mild down-trend, after the currency pair topped out at 0.7620 last week. Our multi-week outlook, however, is strongly bullish. The price is closing in on a solid demand area, which is created by the monthly PP, 200-period SMA and the lower bound of the channel. The Loonie is thus set to make a U-turn circa 0.7530/20 and begin a new upward wave within the pattern. The positive bias is reinforced by the technical indicators and the fact that the instrument is strongly oversold—70% of open positions are short. Nevertheless, the longer-term perspective is bearish, being that the upside is limited by the eight-year falling trend-line at 0.7750.
© Dukascopy Bank SA
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Thu, 21 Jul 2016 11:31:59 GMT

CAD/JPY 4H Chart: Channel Up

The Canadian Dollar, at the moment, is confirming an ascending channel pattern against the Japanese Yen, as the currency exchange rate struggles against the support provided by the pattern's lower trend line at 81.10. In addition, the pattern's support line is also strengthened by the close by located 200-period SMA at 80.79. Moreover, the trend line and the 200-period SMA

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