CAD/CHF 4H Chart: Channel Up

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Source: Dukascopy Bank SA
The Canadian Dollar is surging against the Swiss Franc in an ascending channel pattern, which is guiding the currency exchange rate in its rebound against the combined support level of the support lines of two dominant patterns and a Fibonacci retracement level. The relevant Fibonacci retracement levels for this pair are measured by connecting the 2016 high and 2016 November low levels. The currency exchange rate is aimed at the upper trend line of a dominant descending channel. However, on its path against the Swiss Franc the Loonie is set to encounter the resistance put up by the 23.60% Fibonacci retracement level, which is located at the 0.7601 mark.
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