CADCHF has been decreasing since November 2011. For almost two years, and more precisely since “Black Thursday,” when due to drastic and unexpected collapse of the market caused by the decision of the Swiss National Bank to abandon the rigid EUR/CHF exchange rate at 1.20, pair broke key support at 0.7850 and since then moves in consolidation.
Take a look how precisely the bearish trend line is being tested, which for several months has stopped bulls from further growth. Currently, as a result of months of bullish market has once again reached its vicinity and yesterday it was defeated.
Permanent overcoming this resistance could open way for bulls even to 0.7850, which is the upper limit of consolidation. It is only breaking the top that can change the general attitude of the market for a longer period of time.