CAD/CHF 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Canadian Dollar is declining against the Swiss Franc simultaneously in three various scale descending channels. Although that fact indicates that one should short the rate, this is not the case. Most recently the currency exchange rate reached the 23.60% Fibonacci retracement level, which is located at 0.7539. The Fibonacci retracement levels on this pair have proven themselves to hinder the rates movements and cause volatility around themselves. However, they have rarely changed the direction of the pair. They are measured via connecting the 2016 high and low levels. In the meantime, the pair is already overbought, as 73% of open positions are long.
© Dukascopy Bank SA
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