CAD/CHF 4H Chart: Sets for breakout

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Source: Dukascopy Bank SA

Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Sell
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3) Buy Neutral Neutral
Alligator (13; 8; 5) Sell Neutral Sell
SAR (0.02; 0.2) Sell Buy Sell
Aggregate ⇒ ⇒ ⇒

[ANNOUNCE]The CAD/CHF exchange rate has been moving in a descending channel since early May. The currency pair pullback from the upper dominant ascending channel pattern on May 10 and followed by a period of decline.[/ANNOUNCE]

The Canadian Dollar reached the lower boundary of both the dominant and the junior patterns and made a U-turn north. As a result, the pair dashed through the 55-, 100-, and 200-hour SMAs.

As for near future, a breakout from the junior pattern could be expected during the following trading sessions. However, technical indicators suggest that bears are likely to come into play today.  

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