CAD/CHF likely to reverse
Upside risks dominated the CAD/CHF exchange pair during the past two weeks, thus resulting in the formation of an ascending wedge. The Canadian Dollar accelerated following a breakout of a channel down and has subsequently surged up to the 0.79 mark where the monthly R2 is located.
Trend indicators suggest that the up-trend is still strong; however, the pair consolidating at its two-year high suggests that a new down-wave might start in the upcoming hours. An ascending wedge is generally a bearish pattern that should result in a breakout southwards.
The nearest downside target is the 55– and 100-hour SMAs circa 0.7830. Meanwhile, a breakout of the monthly R1 and the weekly PP at 0.7780 should work as the necessary confirmation of a new down-trend.
Trend indicators suggest that the up-trend is still strong; however, the pair consolidating at its two-year high suggests that a new down-wave might start in the upcoming hours. An ascending wedge is generally a bearish pattern that should result in a breakout southwards.
The nearest downside target is the 55– and 100-hour SMAs circa 0.7830. Meanwhile, a breakout of the monthly R1 and the weekly PP at 0.7780 should work as the necessary confirmation of a new down-trend.
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