CAD/CHF 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
CAD/CHF is currently in a mild down-trend, after the currency pair topped out at 0.7620 last week. Our multi-week outlook, however, is strongly bullish. The price is closing in on a solid demand area, which is created by the monthly PP, 200-period SMA and the lower bound of the channel. The Loonie is thus set to make a U-turn circa 0.7530/20 and begin a new upward wave within the pattern. The positive bias is reinforced by the technical indicators and the fact that the instrument is strongly oversold—70% of open positions are short. Nevertheless, the longer-term perspective is bearish, being that the upside is limited by the eight-year falling trend-line at 0.7750.
© Dukascopy Bank SA
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