CAD/CHF 4H Chart: Channel Down
The Canadian Dollar is trading against the Swiss Franc in a three week long descending channel that represents a rebound of the currency exchange rate from the upper edge of a dominant long-term ascending channel. Over the previous week the Loonie depreciated against the Franc by 1.16%. A rebound from the monthly R1 at 0.7786 indicates that now it will try to restore lost positions and get back to the 0.7885 level.
There is a high chance that the pair is going to fail to do that due to combination of the 100- and 200-hour SMAs as well as the weekly PP at 0.7858. Regardless of the result, in larger perspective the currency rate is projected to continue to move in the southern direction, aiming to reach the bottom edge of a dominant ascending channel.
The Canadian Dollar is trading against the Swiss Franc in a three week long descending channel that represents a rebound of the currency exchange rate from the upper edge of a dominant long-term ascending channel. Over the previous week the Loonie depreciated against the Franc by 1.16%. A rebound from the monthly R1 at 0.7786 indicates that now it will try to restore lost positions and get back to the 0.7885 level.
There is a high chance that the pair is going to fail to do that due to combination of the 100- and 200-hour SMAs as well as the weekly PP at 0.7858. Regardless of the result, in larger perspective the currency rate is projected to continue to move in the southern direction, aiming to reach the bottom edge of a dominant ascending channel.
