CAD/CHF 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the very beginning of the year, the Canadian Dollar has been losing ground against the Swiss Franc; in mid-February the decline became more distinct and the pair was trapped by two downward sloping lines.
Now CAD/CHF is trading above the 50-hour SMA at 0.7957 that lies near the upper boundary of the 272-bar long channel down pattern. Despite a climb to the current level, the pair is still vacillating close to a recent low, 0.7897, the lowest mark in since 2011. According to technical data, CAD/CHF may prolong its advance to the pattern's resistance in the nearest future; however, it is likely to swing to losses in the longer term.
© Dukascopy Bank SA
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