CAD/CHF 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
While there is a high chance of a rally in the nearest future, the bias towards CAD/CHF is negative. The pair has established a well-defined channel, and right now it is approaching the lower boundary of the pattern, meaning there is likely to be a bullish reaction. However, the rally is to be stopped by 0.6980/70, where the monthly S1 merges with the Jan 19 high and the resistance trend-line. There we expect the Loonie to initiate a new leg down, which will probably extend towards 0.67 (weekly and monthly S2). At the same time, if supply at 0.6980/70 proves to be insufficient to halt Loonie's appreciation, the focus will shift to the long-term moving average, which is currently at 0.7150.
© Dukascopy Bank SA
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