CAD/CHF 1D Chart: Double Top

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following a strong rally during the first three months of this year CAD/CHF has formed two distinct tops, being unable to advance beyond 0.7950. Accordingly, the focus is now on the neck-line at 0.76, a breach of which will likely entail a seven-figure decline, namely down to the January low at 0.69. Moreover, most technical indicators are currently pointing south, and a vast majority (72%) of the SWFX traders are holding short positions at the moment. However, should the demand at 0.76 withstand the selling pressure and CAD/CHF subsequently close above 0.7950, the target will be the 200-day SMA at 0.8050, followed by the resistance level at 0.8250 and then the 2014 high at 0.8664.
© Dukascopy Bank SA
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