The Canadian Dollar has declined by 1.93% against the Swiss Franc since September 8. The currency pair breached the 200– period simple moving average during this week’s trading sessions.
A breakout occurred through the upper boundary of a descending channel pattern on September 22.
Given that a breakout has occurred, bullish traders could pressure the CAD/CHF exchange rate higher during the following trading sessions.
However, a resistance cluster formed by the 100– period SMA and the weekly R1 at 0.6920 could provide resistance for the currency exchange rate in the shorter term.