CAD/CHF 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The loonie has been steadily depreciating against the Swiss Franc since the beginning of this year. The steepest decline was registered last week on Wednesday, when after touching pattern's resistance, the pair lost more than 270 pips. Currently, traders are opening short and long positions in almost equal proportions. And it seems the pair will not be able to move below a recent low and a daily support at 0.8035 until it receives a strong bearish impetus. According to technical indicators, the pair will move sideways for some time, before heading the south once again. In case recent low is breached, the next key support can be found at a pattern's support and a weekly S1 at 0.7965.
© Dukascopy Bank SA
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