CAD/CHF 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The bullish momentum we have been observing since mid-October is facing some difficulties at the moment. CAD/CHF has recently failed to reach the upper trend-line, and now it is struggling near the weekly R1 level. Even if this resistance is broken, the main obstacle for a long-term recovery will still be present, namely the June high at 0.7651, meaning the downside risks are increased. A breach of the rising trend-line at 0.7547 will expose the monthly PP, which is followed by the 200-hour SMA at 0.75. However, the market seems to be overcrowded with bears, as 73% of positions are short, which implies that the decline will be limited.
© Dukascopy Bank SA
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Wed, 04 Nov 2015 14:12:14 GMT

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