The Canadian Dollar is trading in two patterns simultaneously against the Swiss Franc. The senior formation is a channel up whose bounds have confined the pair since August 9. The junior one, however, is a falling wedge which was formed when the last wave down narrowed its trading range.
The rate is currently stranded between the monthly R1 and the weekly S1 (support) and the 55-, 200– and 100-hour SMAs, the weekly PP and the 23.6% Fibo (resistance) in the 0.7780/0.7880 area. Given that the Canadian Dollar have already bounced off the 38.2% Fibo, the rate may try to approach the 0.7866 mark where the 23.6% Fibo is located.
By and large, technical indicators suggest that the rate might trade sideways in this session, at least, but eventually surge to the upside.
The rate is currently stranded between the monthly R1 and the weekly S1 (support) and the 55-, 200– and 100-hour SMAs, the weekly PP and the 23.6% Fibo (resistance) in the 0.7780/0.7880 area. Given that the Canadian Dollar have already bounced off the 38.2% Fibo, the rate may try to approach the 0.7866 mark where the 23.6% Fibo is located.
By and large, technical indicators suggest that the rate might trade sideways in this session, at least, but eventually surge to the upside.