CAD/CHF 4H Chart: Channel Down

CAD/CHF has been in the down-trend for quite some time already, but right now we would rather focus on the price's behaviour particularly this year, as it forms a high-quality bearish channel.

Early this month the loonie has been undergoing a bullish correction, but not so long ago the currency pair hit a down-trend resistance line, which initiated a sell-off. Accordingly, CAD/CHF is now expected to head towards 0.7780, the lower falling trend-line, but will have to breach the supports at 0.79 and 0.7820 on its way there. Meanwhile, the sentiment towards the instrument is moderately bullish, as 57% of open positions are long and 43% are short.