CAD/CHF 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following a period of weakness during Thursday and Friday, CAD/CHF's bulls managed to gain sufficient momentum for reversal of the trend. Now, the currency pair is appreciating again and is expected to continue growing both in short and long-term. One-hour technical indicators suggest that this cross will approach the weekly R1 at 0.7874 in the near-term. However, later we may observe a pause in pair's bullish development, as assumed by 4H studies. The long-term target, in turn, in placed as high as 0.7965 (weekly R2), and this goal is also in focus of bullish daily technicals. Meanwhile, SWFX traders do not give major preference to any side, with just 52% of them being bearish on the Loonie.
© Dukascopy Bank SA
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