CAD/CHF 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Canadian Dollar tried to reverse a downward correction at the moment of writing. Consolidation above the weekly R1 and daily pivot point may provide the CAD/CHF currency pair with bullish impetus to advance back towards the pattern's resistance at 0.7572. Extra supply is represented by the weekly R2 and daily R1 just below 0.76. On the other hand, 74% of SWFX market participants are preserving their bearish views with respect to the pair. Moreover, technical indicators are largely mixed on all time frames. In case of a drop below 0.7460 (trend-line, SMAs), the next bearish target will be placed marginally above 0.74 (weekly PP, 200-hour SMA), followed by weekly S1 at 0.7321.
© Dukascopy Bank SA
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