CAD/CHF 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Loonie-franc cross is developing in ranks of a Chanel Down pattern rather well. As technicals suggest the pair is likely to continue depreciating in the short term, we could see some sort of bullish correction in the medium term, but overall bias on the pair should remain bearish. It is worth pointing put that Fibonacci levels seems to be playing significant role in the pairs development. First of all it would be mid-may till end of June sell off retracements. However, they seem to be less influential since the last rebound from the pattern's resistance. Now we should pay more attention to the end of June to beginning of July rally retracements.
 

© Dukascopy Bank SA
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