CAD/CHF 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Soon after a removal of the peg and precipitous rally of the Franc, the currency started to lose value. However, demand for the Loonie, as evidenced by formation of the wedge, appears to be weakening at the moment. Consequently, the possibility of a reversal is increasing. Should the support line be violated, one of the first targets will be a cluster of supports at 0.75, where the Feb 24 low merges with the weekly S1 and monthly PP. If the selling pressure persists, which is likely, the next bearish wave may stop just beneath 0.74, where the weekly S3 coincides with the monthly S1 and 200-period SMA. Meanwhile, the SWFX sentiment is positive, with 70% of traders holding longs.
© Dukascopy Bank SA
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