© Dukascopy Bank SA
The
Canadian Dollar is in the middle of a channel up pattern against the Swiss
Franc. At the moment, the currency exchange rate is at 0.7535, and it is in an
upwards movement for the past four hours. However, it faces a resistance put up
by the 200-period SMA at 0.7542, which is likely to press the exchange rate
lower and lower until the rate reaches the lower pattern's trend line. On the
downside, as the rate would move lower, it shall face a support cluster made up
of the weekly and monthly PP supported by the 55-period SMA from 0.7526 to 0.7521.
Daily aggregate technical indicators forecast a surge for the pair today.
© Dukascopy Bank SA