CAD/CHF 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Canadian Dollar is simultaneously in three channels against the Swiss Franc, of whom two are ascending channel pattern's short term and medium term. Moreover, on a larger scale the currency exchange rate is slowly but steadily depreciating since the unpegging of the Franc from the Euro on January 15. At the moment, the currency pair is trading near the short term channel's lower trend line near 0.7520 level, and the pattern's support line is also supported by the weekly pivot point at 0.7526 and the 100-period simple moving average at 0.7529. In the meantime, SWFX trader open positions are 72% short, which is considered oversold. Moreover 73% of pending commands are to buy the currency pair. All these facts combined indicate at a rebound from the short term channel's trend line.
© Dukascopy Bank SA
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