The CAD/CHF exchange rate has been moving in a descending channel since early May. The currency pair pullback from the upper dominant ascending channel pattern on May 10 and followed by a period of decline.
The Canadian Dollar reached the lower boundary of both the dominant and the junior patterns and made a U-turn north. As a result, the pair dashed through the 55-, 100-, and 200-hour SMAs.
As for near future, a breakout from the junior pattern could be expected during the following trading sessions. However, technical indicators suggest that bears are likely to come into play today.
The Canadian Dollar reached the lower boundary of both the dominant and the junior patterns and made a U-turn north. As a result, the pair dashed through the 55-, 100-, and 200-hour SMAs.
As for near future, a breakout from the junior pattern could be expected during the following trading sessions. However, technical indicators suggest that bears are likely to come into play today.