CAD/CHF 4H Chart: Ascending Channel

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Canadian Dollar surged against the Swiss Franc in the aftermath of Trump victory in the US presidential election. Although the caused volatility did move out of the larger scale descending channel, it seems to have occurred more than once during the pair's trading in the borders of this pattern. On a smaller scale the rate moves in accordance with the ascending channel, which has not been fully confirmed, however, it shows the direction of the pair, as it moves to the larger channel's resistance line. In addition, it has to be mentioned, that the 10 year old downtrend line is close by at the moment, which means that a major reversal might occur in the upcoming months. Although, that is not the point of this short term analysis to concentrate on that.
© Dukascopy Bank SA
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