CAD/CHF 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
CAD/CHF calmed the uptrend by entering a rising wedge which should lead to a bearish reversal in the nearest future. The pair has now landed on the Daily Pivot Point and 20-hour SMA which could lead to a test of the bottom trend-line at 0.7576, strengthened by a cloud support. A break below the area would require some decent bearish pressures, but a bounce could pave the way for tests of the upper trend-line around 0.7636. Nevertheless, it is likely to come down to a bearish outburst even if the current wave is not strong enough to break the trend-line.
© Dukascopy Bank SA
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