CAD/CHF 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Being that the triangle pattern has been confirmed by the CAD/CHF currency pair, it's outlook became much more pessimistic and we estimate more losses for the North American peer. There are two distinct demand zones below the spot price (0.7342): one lies just above the 0.73 mark and is represented by daily and weekly S2 supports, while the second is placed at 0.7245/39 (daily and weekly S2, respectively). Judging from aggregate signals provided by 1H, 4H and daily technical studies, the pair should be a subject to extra losses in the foreseeable future. On the other hand, we also can suspect that CAD/CHF is somewhat oversold, as too many positions (72%) are CAD-short.
© Dukascopy Bank SA
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