CAD/CHF 4H Chart: Channel Up

While in the long run the CAD/CHF cross has just confirmed the triangle pattern, in the short-term it is trading to the upside. The pace of growth is expected to increase even more, after the present leg down is fully completed within 20 pips from the spot (0.7582). Down there, at 0.7558/49, the bears are going to encounter a considerable support represented by the weekly S1, May's monthly pivot point and the pattern's lower trend-line. If they provide a strong enough upward momentum to the Canadian Dollar, it will likely start focusing on the 0.7720 area where the upper edge of the channel rests along with the weekly R1. As for the SWFX market sentiment, 59% of all positions are selling CAD/CHF.