CAD/CHF 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A sharp downward movement of the Canadian Dollar against the Swiss Franc, which took place during the past two trading days, is likely to be stopped by the pattern's resistance in the nearest future. Still, this currency pair will only reach the lower trend-line in case of a successful penetration of the daily S2 at 0.7518. After approaching the boundary, the pair may commence a recovery, as suggested by the majority (59%) of SWFX market participants who are holding long opened positions on the Loonie versus the Swissie. In the meantime, technical indicators are largely mixed on all time-frames, and they give preference neither to bulls nor to bears.
© Dukascopy Bank SA
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