CAD/CHF 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
It seems that the sell-off that was initiated back in August of 2012 has finally come to an end and CAD/CHF is now ready to start erasing the losses. It was the support at 0.78 that did not let the loonie to depreciate further and turned the currency pair around, which is now forming a bullish channel. Accordingly, it is likely that the Canadian Dollar will move away from the up-trend line at 0.8190 and head towards 0.8315, where the pair will supposedly meet the upper boundary of the pattern and will become prone to a bearish correction. The near-term indicators support this idea, especially on the daily time-frame, where five out of eight studies are giving ‘buy' signals.

© Dukascopy Bank SA
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