CAD/CHF 1H Chart: Pair at crossroads

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3) Sell Neutral Sell
Alligator (13; 8; 5) Sell Buy Buy
SAR (0.02; 0.2) Buy Sell Buy
Aggregate

The Canadian Dollar has been constrained in a channel up against the Swiss Franc. The Loonie tested the upper boundary of this pattern and a senior channel circa 0.7910, being followed by a strong period of decline. 

The pair's movement during the past three sessions reveals the formation of a head-and-shoulders pattern. However, in order to confirm this bullish pattern, the Loonie has to breach a significant resistance set by the 55– and 100-hour SMAs circa 0.7760. 

In case this scenario is to occur, a possible upside target in the short term could be the 200-hour SMA and the upper boundary of the most junior channel circa 0.7820. On the other hand, a breakout of the monthly PP should result in a re-test of the trend-line circa 0.7640—an area which is likewise reinforced by the monthly S1 and the weekly S2.

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