CAD/CHF 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite CAD/CHF forming a bullish channel, a sell-off is a lot more likely than a rally. In addition to the fact that the pair is trading right at the upper boundary of the pattern, which implies a downward correction, the outlook is bearish because of the four-month falling resistance trend-line at 0.7560. Our base case scenario is a dip to a cluster of supports at 0.7490/80, where the lower bound of the channel is joined by the 200-hour SMA. We should not rule out an even deeper decline, beyond the boundaries of the channel. In case of a close below 0.7190/80, the next target will be a solid demand area circa 0.7454, followed by the August 5 low at 0.7427.
© Dukascopy Bank SA
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