CAD/CHF 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A recent recovery of the Canadian Dollar was immediately stopped by the monthly pivot point and 200-period SMA at 0.7750. Bears gained strength at these levels and the pair started to decline. At the moment CAD/CHF is nearing the weekly and monthly S1 demand zones at 0.7570. In case the Loonie is forced to decline beyond them, the next long-term target will become the monthly S2 at 0.7390, with the intermediate goal at 0.75 (weekly S2). On a daily basis, technical indicators are giving signals to sell this currency pair, even though the weekly ones are mixed. In the meantime, SWFX market participants support the opposite positive case for the cross in 65% of all cases.
© Dukascopy Bank SA
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