CAD/CHF 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
CAD/CHF has attempted to rebound for two times since the beginning of this working week. However, the pair had to capitulate amid a strong resistance created by the 200-hour SMA, which is currently located at 0.7491. Additional difficulty for the Canadian Dollar is represented by the weekly pivot point just one pip above the simple moving average line. Therefore, the short and medium-term technical indicators are not confident in the pair's ability to overcome this supply, which is also strengthened by another resistance zone at 0.7470. Nevertheless, in the next 24 hours indicators see CAD/CHF strongly higher. Moreover, 74% of SWFX market participants are bullish with respect to the Loonie.

© Dukascopy Bank SA
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