CAD/CHF 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
For almost two months the Loonie has been appreciating versus the Swiss Franc and it seems that the pair is likely to continue climbing higher in the foreseeable future. On July 14 bears made an attempt to penetrate the lower trade line, which is also represented by a 200-period SMA. However, the attempt was unsuccessful and the pair bounced back. Keeping mind that 74% of traders are holding long positions, and technicals on the weekly chart are sending ‘buy' signals, the outlook is bullish. Therefore, a move above daily R3 and then recent high at 0.8391 will clear the way for a weekly R1 located at 0.8406. At the same time, weekly PP and daily S3 represent key support.
© Dukascopy Bank SA
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