CAD/CHF 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
We hold a negative bias with respect to CAD/CHF. The currency pair continues to trade under the falling resistance line, and recently it has entered a bearish channel. Accordingly, we expect the current rally to be rejected by 0.7350, which should be followed by a decline to 0.7240, where the support line coincides with the Sep 24 low and weekly S2. Additional reason to be bearish the Canadian Dollar is the technical studies, a majority of which is pointing south. A breach of 0.7350 however, will invalidate the negative outlook, and the rate will be expected to test September high at 0.7450. Meanwhile, the SWFX market participants are equally divided between the bulls and bears.
© Dukascopy Bank SA
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