CAD/CHF 1H Chart: Short-term decline expected - Trade Pattern Ideas - Dukascopy Bank

Fri, 26 Apr 2019 12:07:43 GMT
Source: Dukascopy Bank SA
 
Indicator4H1D1W
MACD(12;26;9)SellBuyBuy
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)SellBuyBuy
SAR(0.02;0.2)BuySellBuy
Aggregate

This week, the CAD/CHF currency pair has reached the upper boundary of the long-term descending channel at 0.7640 and reversed south.  

From a theoretical point of view, some downside potential should prevail in the market. The nearest possible downside target is the Fibonacci 23.60% retracement at 0.7408. 

However, the exchange rate has to surpass the support level formed by the Fibonacci 38.20% at 0.7501. If the given support holds, it is expected, that the rate re-tests the upper channel line. If the given channel does not hold, the rate could target the psychological level at 0.7700.


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