CAD/CHF 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The Canadian Dollar is trading against the Swiss Franc simultaneously in two descending channel patterns. The junior pattern is a representation of the currency exchange rate's bounce off from the resistance line of the dominant channel down pattern. Meanwhile, the currency exchange rate is also affected by the Fibonacci retracement levels, which are measured by connecting the 2016 high levels with the late 2016 low level. However, there is one particular feature to the situation. The junior channel has a too narrow range for a medium term pattern. Due to that it is highly possible that it is also a representation of the pair's first move in a more dominant channel, which will actually guide the pair lower in the borders of the large scale channel.
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Fri, 21 Apr 2017 12:04:56 GMT

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