CAD/CHF 1H Chart: Triangle spotted on chart
CAD/CHF has been trading in a triangle-like formation since early May. Its upper boundary is formed by a trend-like, while the bottom one—is a one-month support/resistance level at 0.7713. The strong hourly plunge on May 18 resulted in a breakout of the dominant three-month channel at 0.7790. The Loonie has since returned to its lower boundary and the 200-hour SMA at 0.7810.
It seems that the pair might actually push even higher during the following trading session up to the aforementioned trend-line near 0.7840. In addition, the positioning of technical indicators also demonstrate that there is still some short-term potential to the upside.
By and large, the rate is expected to remain within the triangle, thus reversing near 0.7840 and initiating a new medium-term decline down to 0.7610.
It seems that the pair might actually push even higher during the following trading session up to the aforementioned trend-line near 0.7840. In addition, the positioning of technical indicators also demonstrate that there is still some short-term potential to the upside.
By and large, the rate is expected to remain within the triangle, thus reversing near 0.7840 and initiating a new medium-term decline down to 0.7610.
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