CAD/CHF 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Canadian Dollar is simultaneously trading in two descending channel patterns against the Swiss Franc. Most recently the currency exchange rate reached the combined support cluster made up of the lower trend lines of the two patterns. Although, it seems that the rate is making another attempt at passing the support cluster, it can be assumed that the rate is soon set to rebound and begin a medium term surge. That can occur at various levels. Although, it is highly likely that the rate will reverse its direction near the 38.20% Fibonacci retracement level, which is located at the 0.7384 mark. In addition, SWFX market sentiment supports the hypothesis, as 74% of open positions are long, which indicates at the pair being overbought.
© Dukascopy Bank SA
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