CAD/CHF 4H Chart: Channel Up
- The Canadian Dollar is appreciating against the Swiss Franc in the medium-term ascending channel.
- The pattern started to form shortly after the currency exchange rate left a descending triangle pattern and started to move in a new uptrend.
- For the moment, the channel is made from four confirmation points, which means that it has fully formed.
- But the fact that this formation took almost a month suggests that the upcoming dissolution might also take several weeks.
- In the short-run, the pair is expected to bounce off from a combined support level set up by the 55-hour SMA, the lower trend-line and the 100-hour SMA.
- t should be noted that both technical indicators have been moving along the pattern’s bottom edge and more than once forced the Loonie to make a rebound.
