CAD/CHF 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
CAD/CHF is forming the rising wedge pattern, which implies a narrowing trading range over time. However, the apex of the pattern is located a long way away from the current market price, meaning that we are highly likely to see the confirmation of the pattern earlier than anticipated. The future outlook becomes more unpredictable as market sentiment is only marginally biased in favour of bears (53%), while technical indicators are giving predominantly neutral signals on all time frames at the moment. In case the exchange rate fails gain bullish momentum, we expect initial support to be provided by 200-hour SMA and weekly PP around 0.7335, which are followed by a recent low at 0.7297.
© Dukascopy Bank SA
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