CAD/CHF 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Canadian Dollar has been declining against the Swiss Franc since the middle of the previous month within the borders of the descending channel. Furthermore, ever since the channel's upper border was confirmed on the 31st of March, the CAD/CHF has been rather rapidly moving towards the lower border, putting it to the test last Friday. Impetus received there was insufficient to jump back up towards 0.7440, namely the channel's resistance line; therefore, we expect another retest of the lower boundary by the end of the day, unless demand at 0.7308 (the weekly S1) triggers a buying spree. Meanwhile, technical studies are in favour of the bearish outcome, while 74% of all open positions are short.
© Dukascopy Bank SA
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