CAD/CHF 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Canadian Dollar will most probably depreciate against the Swiss Franc in the next 24 hours, but overall outlook remains fairly bullish for this currency pair. Firstly, the cross is heavily oversold, as more than 73% of all open positions are short. In addition, 4H indicators are positive, while daily studies assume neither gains nor losses for CAD. In order to push CAD/CHF toward the pattern's lower edge, the weekly PP and 100-hour SMA will have to be crossed. Additional support is offered by 200-hour SMA at 0.7660. In the long run we expect the Canadian currency to continue growing, while the bulls are going to aim at 0.7750 area, which is safeguarded by weekly R1 and Nov 27 high.
© Dukascopy Bank SA
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