CAD/CHF 1H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Support at 0.7130 should soon no longer be able to underpin the rate. Taking into account that CAD/CHF is trading within a descending triangle and the technical indicators are mostly giving ‘sell' signals, our bias is negative. Moreover, a significant majority of the SWFX market participants, namely 73%, are bulls, implying that the Loonie is overbought. Beneath 0.7130 the pair is expected to aim for the weekly S1 at 0.7055, though the main challenge for the downward momentum is seen at 0.6970, represented by the August low. Meanwhile, in addition to the trend-line at 0.72 the 200-hour SMA and Dec 17 at 0.7230 are creating a strong ceiling for the near-term rallies.
© Dukascopy Bank SA
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