CAD/CHF 4H Chart: Possible breakout

Source: Dukascopy Bank SA

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

The Canadian Dollar is trading in an ascending triangle pattern against the Swiss Franc. The currency pair bounced off its lower boundary at 0.7320 on September 8 and reached the upper border a few days ago.

Currently, the exchange rate is trading near the bottom border of the triangle pattern at 0.7629 and could be set for a breakout.

If this breakout occurs, the CAD/CHF currency pair could aim at a support cluster formed by the combination of the weekly and the monthly PPs near the 0.7580 during the coming trading sessions.

However, it is important to note that the 200-hour SMA at 0.7609 could provide support for the currency exchange rate from falling.

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