CAD/CHF 1H Chart: Symmetrical Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A symmetrical triangle contained the ranging CAD/CHF market with somewhat uncertain future movements caused by low volatility and pressures from both sides. The 55-hour and 200-hour SMAs have developed a golden cross formation, giving out strong bullish signals which would push the pair towards 0.7437 and further to 0.7444, the upper trend-line of the triangle. Inability to get through the 100-hour SMA, however, makes us remain in favour of a bear market, implied by the triangle pattern which should direct future movements after the breakout south. On its way towards the bottom trend-line of the channel at 0.7407, the rate will struggle around the 0.7416/17 mark and could bounce from 0.7409 not reaching its ultimate target.
© Dukascopy Bank SA
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