CAD/CHF 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After touching a high of 0.9547 on May 15, the loonie began losing its ground versus the Swiss Franc. Despite the fact the pair lost more than 1680 pips already, technical indicators on a 4H and daily chart are still suggesting the pair will continue moving downwards. This week the pair has already touched pattern's support, and with only 40 pips above the lower boundary, speculations about the looming breakout are heating up. Vast majority of Dukascopy traders (73%) however, are buying the Canadian Dollar versus the Franc. Therefore, we suggest two possible scenarios– a dip below pattern's support will put 0.7804 on the map, while in other case long traders will aim 0.7960.
© Dukascopy Bank SA
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