CAD/CHF 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Canadian Dollar is simultaneously trading against the Swiss Franc in two patterns. On a larger scale the currency exchange rate is depreciating in a descending channel, which is headed for the 23.60% Fibonacci retracement level, which is measured by connecting the 2016 high and low levels. In the meantime, the currency pair is also fluctuating in an ascending channel pattern on a lot smaller scale. Everything suggests that the rate is set to soon begin a large drop. Most likely it will be similar to the one, which occurred the week before Christmas. However, before that the rate will surge and reach the resistance of the larger pattern. That is consistent with the SWFX market sentiment, which indicates at the pair being oversold.
© Dukascopy Bank SA
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