CAD/CHF 4H Chart: Broadening Rising Wedge

Five days ago the Loonie bounced off the upper boundary of the broadening rising wedge pattern in its currency pair with the Swiss Franc. A drop was contained by the 100-period SMA, currently 0.7379, just nine pips below the spot. This moving average is therefore holding ground, by not allowing the bears to succeed. At the same time, we are paying more attention to the next demand zone between 0.7274 and 0.7233, where the 200-period SMA is guarding the monthly pivot point. Some real purchasing activity should be seen down there, but a failure would expose the monthly S1 along with the pattern's lower edge at 0.7050. As for the SWFX sentiment, 59% of traders are CAD/CHF-bearish.