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CAD/CHF 1H Chart: Rate Guided By Several Patterns

CAD/CHF has been moving in a channel down since early September. The pair diminished its trading range in the given pattern during the first half of December, but managed to reach its upper boundary once again mid-Wednesday. The pair has since found support at the monthly R1 and the 100-hour SMA at 0.7780. Given that the weekly PP is likewise located nearby, bulls might still push higher in this session and re-test the senior channel near the 0.7840 mark. By and large, technical signals point to a possible price decrease within the upcoming week. This fall might not be steep due to several strong support levels, but it should nevertheless guide the Canadian Dollar towards the 0.7650 area in the medium term.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Group
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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