CAD/CHF 30M Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
As markets switched risk off, the Canadian Dollar began its way south, appreciating against the safe haven currency inside a channel up pattern. Following two tests of the bottom trend-line, the pair is now approaching 0.7529/31 which it will need to conclusively break in order to extend the bullish market. The next target inside of the channel lies at 0.7542 with more risk at 0.7555 and then 0.7534. October highs at 0.7602 will serve as support if the pair is elevated outside of the pattern or manages to attack recent highs inside the bounds of the pattern. There is, however, decent downside potential to break the channel with a slip, and 0.7500 will then provide demand pressures to cut the immediate losses.
© Dukascopy Bank SA
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