CAD/CHF 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
There is a strong case for the Canadian Dollar to keep appreciating relative to the Swiss Franc in the near term. CAD/CHF has formed an upward channel, and the technical indicators are mostly pointing north. In order to confirm the bullish outlook however, the currency pair has to break through the Jul 29 high at 0.75. Once this is done, the next target will be 0.7556, namely the July high. Alternatively, if the lower trend-line of the pattern is violated, the decline will likely to extend down to the monthly pivot point at 0.74. The positive bias is also shared by the SWFX market participants, being that as many as 68% of them are currently holding long positions.
© Dukascopy Bank SA
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