CAD/CHF 4H Chart: Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A period of consolidation has come to a logical end; however, in this period the pair also formed a 64-bar long triangle pattern.
The pair has already depreciated below the triangle's support level and is underpinned by the weekly and daily S1 at 0.8464. The short-term technical studies (4H); however, suggest that the pair is likely to continue its decline. If this is the case then the pair most likely will slide towards the 0.84 level. Nonetheless, since the pair's traders' are explicitly bullish (74% long positions) then there is a high possibility of a bullish break-out towards 0.87; although, for that to happen the bulls have to push the pair above the weekly PP.
© Dukascopy Bank SA
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