CAD/CHF 1D Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
While the near-term outlook is bullish, the longer-term risks are heavily skewed to the downside. At the moment, CAD/CHF is recovering from the lower edge of the ascending channel, and the currency pair is highly likely to re-test last year's December high at 0.7750. An additional argument in favour is a high portion of bears—they take up 72% of the market. However, appreciation of the Canadian Dollar far beyond 0.7750 is not expected, considering that before reaching 0.79 the exchange rate is going to hit the down-trend that connects all the major peaks reached since 2010. The supply area at 0.7870/60 is also strengthened by the upper boundary of the channel and the monthly R1.
© Dukascopy Bank SA
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