CAD/CHF 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Using the lower bound of the rising wedge in the daily chart CAD/CHF is currently trading in an ascending channel in the four-hour time frame. Accordingly, while we are bullish on the Loonie in the short term, the currency pair is highly likely to violate the green trend-line in the second half of June after bumping into an eight-year down-trend presumably circa 0.78. In the meantime, during the next several days the exchange rate is expected to rebound either from 0.7585 (200-period SMA) or 0.7560 (rising support line) and surpass the May high. The present positive bias is also reinforced by the fact that bulls are currently in a distinct minority—they take up merely 29% of the market.
© Dukascopy Bank SA
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