CAD/CHF 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
There are signs that the latest recovery from 0.68 might have come to an end. CAD/CHF is trading within the boundaries of the rising wedge, and this implies weakening demand for the Loonie. The base case scenario is a dip through the green trend-line during the next two days. If this is indeed the case, the first target will be at 0.7180 (Jan 28 low), but the pair will have the potential to decline lower, down to the 0.7085/70 demand zone, where we have the 200-hour SMA, weekly pivot point, and Jan 26 low. At the same time, if the Dollar manages to gain a solid foothold above 0.7260 (Jan 5 high), the chances are that the current recovery will be able to extend even up to 0.7750, namely Dec high.
© Dukascopy Bank SA
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