CAD/CHF 1M Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
While the Canadian Dollar has undergone a lot of depreciation over the last ten years, CAD/CHF has managed to sketch a very solid falling wedge pattern that suggests a bullish breakout, which could happen immediately. The pair is now on a very critical move which will either confirm an additional down wave or let the pair soar outside of the pattern. The upper boundary has been overstepped in theory already, however, due to a possible adjustment of the line, we do not consider the breakout credible just yet. There are several targets appropriate for a retracement, such as 7.7839 and 0.8013, while 0.7339 will cause a hitch in case the pair moves to the downside with an ultimate target around 0.6736, the bottom trend-line.
© Dukascopy Bank SA
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