Indicator | 4H | 1D | 1W |
MACD (12; 26; 9) | Sell | Buy | Buy |
RSI (14) | Neutral | Neutral | Neutral |
Stochastic (5; 3) | Sell | Neutral | Sell |
Alligator (13; 8; 5) | Neutral | Buy | Buy |
SAR (0.02; 0.2) | Buy | Sell | Buy |
Aggregate | ⇒ | ⇒ | ⇗ |
CAD/CHF has been trading in a triangle-like formation since early May. Its upper boundary is formed by a trend-like, while the bottom one—is a one-month support/resistance level at 0.7720.
The strong hourly plunge on May 18 resulted in a breakout of the dominant three-month channel at 0.7790. The Loonie has since returned to its lower boundary and the 200-hour SMA at 0.7810.
It seems that the pair might actually push even higher during the following trading session up to the aforementioned trend-line near 0.7820. In addition, the positioning of technical indicators also demonstrate that there is still some short-term potential to the upside.
By and large, the rate is expected to remain within the triangle, thus reversing near 0.7820 and initiating a new medium-term decline down to 0.7650.