CAD/CHF 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Canadian Dollar is depreciating against the Swiss Franc in a descending channel pattern, as the currency exchange rate just recently broke through the support of a large scale descending channel. Moreover, the large scale channel's lower trend line was supported by the 23.60% Fibonacci retracement. The Fibonacci retracement levels, which have shown the possibility to affect the currency pair's movements are measured by connecting the 2016 low level with the 2015 early high level, which was achieved before the unpegging of the Franc from the Euro on January 15 2015. Although, in accordance with the situation the rate should continue the fall, it is possible that the pair rebounds, as it has shown previously that it can slightly fluctuate outside of the borders of the large scale channel.
© Dukascopy Bank SA
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