CAD/CHF 1H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although CAD/CHF has recently broken the support trend-line to the downside and the technical indicators are either bearish or neutral, the currency pair retains a good chance to recover. There is a new up-trend at 0.7555, and an additional support area is at 0.7545, created by the recent lows and 200-hour SMA. If the latter level is violated, however, the outlook will be changed to bearish. On the other hand, a close above 0.7580 in the nearest future will imply continuation of the rally up to 0.7650/40, namely the June high and weekly R1. In the meantime, the market is oversold, being that 69% of open positions are currently short.
© Dukascopy Bank SA
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