CAD/CHF 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Loonie recently has been surging against the Swiss Franc in an ascending channel pattern. However, the channel up is only a representation of the rates surge to a larger pattern's resistance line. The larger pattern is descending channel, which has been in force since April. In addition, the currency exchange rate is affected by the Fibonacci retracement lines, which connect the 2016 low and high levels. Although, it has to be noted, that the effective retracements can be measured using the daily chart not the four hour chart. Although, the rate already once hit the long term trends resistance, it is most likely to move to confirm it once more, as SWFX trader sentiment indicates at the rate being oversold, with 73% of open positions being short.
© Dukascopy Bank SA
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