CAD/CHF 4H Chart: Channel Down

Since August of 2012 the Canadian Dollar has been consistently underperforming relative to the Swiss Franc. As a result, there is a bearish channel currently emerging on the four-hour chart of CAD/CHF.

Still, considering the techncial studies and the most recent price action, the pair may rise up to the 200-period SMA or even the upper boundary of the pattern at 0.8443, before finally giving in to the selling pressure and plummeting through the nearest supports to the down-trend line at 0.8163, which is reinforced by the weekly S3 at the moment. Meanwhile, there are slightly more long positions (57%) open in the SWFX market than there are short ones (43%).