CAD/CHF 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A channel up pattern, which looks more like a rising wedge, has been formed on March 19. Since then the pair has touched both trend line many times and both quality and magnitude are suggesting even slight movements can lead to substantial profits. While the pair is trading around the middle of the range, a move to the downside is widely expected. A move to 0.8231 is just a retracement before penetrating the 200-period SMA. The main reason for a bearish scenario, is ‘sell' signal from technicals on the 4H and daily charts. A slight majority of all pending orders is also placed to sell the pair, meaning traders expected the pair to depreciate. The key support is located at 0.8120.
© Dukascopy Bank SA
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