CAD/CHF 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
CAD/CHF has been bullish since the beginning of April, but now there are strong arguments against further appreciation of the Canadian Dollar. There are many technical indicators that are pointing north, but the currency pair is approaching the upper boundary of the channel emerging in the daily chart. Moreover, the price is forming a rising wedge—a pattern that portends a reversal. Accordingly, we expect the rate to bounce off of 0.78 and then fall down to 0.76, where it should meet the 200-hour moving average. If 0.78 is not enough to stop the current rally, however, there is a resistance trend-line at 0.7880 that connects all the notable highs that have been reached since November of 2007.
© Dukascopy Bank SA
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