CAD/CHF 1H Chart: Channel Down

For the past 140 hours CAD/CHF has been trading in a 130-pip wide corridor that is sloped down. Right now the currency pair is facing the resistance at 0.9085, formed by a number of studies, including the daily pivot point level and the down-trend resistance line. Overhead there should be even more supply at 0.9107 (daily R1 and 200-hour SMA) and 0.9135 (daily R2). All of this means that the risks are heavily skewed to the downside.

Nonetheless, SWFX market participants are bullish on CAD/CHF— 67% of them have opened long positions.