CAD/CHF 4H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having reached a one-year high of 0.9551 in May 2013, the Canadian Dollar started to lose its value against the Swiss Franc and in the end of January the currency pair entered a bearish, gradually converging tunnel that took CAD/CHF to a three-year low of 0.7810.
At the moment, the pair is trading near the recent low and given bearishness on the market we may expect CAD/CHF to prolong its losing streak in the hours to come. This is further supported by the fact that only two levels 0.7828/1 (four-hour S1, S2) and 0.7814/3 (daily S1, four-hour S3) lie on the way towards the three-year low and pattern's lower limit.
© Dukascopy Bank SA
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