CAD/CHF 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
An 80-bar long triangle pattern formed by CAD/CHF represents a part of a sharp appreciation that took place after the instrument dived to a one-month low of 0.7957 late April.
Earlier in the day, the pair approached the apex of the formation; however, up to now, we have not observed any notable changes in the pair's trend. CAD/CHF is still trading flat, sitting slightly above the 50-hour SMA at 0.8204. At the same time, according to the SWFX data, a massive sell-off is still a possibility– almost 60% of traders hold short positions.
© Dukascopy Bank SA
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