CAD/CHF 1H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Last week the CAD/CHF cross tried to attain the 0.86 level for the second time this month; however, unsuccessfully, after the failure a falling wedge pattern started to form. At the moment, the Loonie is still challenging the upper trend-line, after approaching it yesterday. Unfortunately, the technical indicators do not give any, more or less, clear indications about the pair's future development. However, our traders are confident that the pair will have a bullish break-out, as 71.31% of them have opened long positions on the pair. In case the daily PP at 0.8452 holds then the down-trend's resistance line is likely to be tested.
© Dukascopy Bank SA
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