CAD/CHF 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 183-bar long channel down was formed on January 20, when the pair refused moving above 0.8341. At the moment of writing the pair was trading at 0.7946, just couple of pips above the daily S3. While technical indicators are mixed, we can suggest two possible scenarios. Both currencies are sold in vast majority of all cases, while market sentiment is strongly bullish (66%). Therefore, the short-term outlook is bullish, and a retest of a weekly pivot at 0.7966 can be expected. In a longer term, however, the pair is still projected to depreciate and head towards a weekly S1 and pattern's support around 0.7884. This idea is supported by technical indicators on a daily chart.
© Dukascopy Bank SA
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