CAD/CHF 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The CAD/CHF currency pair's movements have been bound by a descending channel for 11 days already, implying that the strong trend might continue, and the price can further drop under the 0.7457 franc mark, which corresponds to August 9 and August 11 lows. Current fluctuations surround the daily PP and 20 period SMA cluster. The next support level to be broken lies at 0.7448, which is the lower Bollinger Band mark, and if successful, S1 at 0.7443 might be targeted. 0.7421 is the price from which the pair is likely to bounce back to rally again all the way to the upper trend-line of the channel. In case the pattern does not hold and the top trend-line at 0.7472 is broken, the bottom Bollinger Band at 0.7475 is likely to be tested. An aggregate SELL signal coming from hourly technical indicators suggests the pair's movements to stay inside the bounds of the channel for a further slide, while the 4 hour ones give no explicit answer to future development predictions.
© Dukascopy Bank SA
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.