CAD/CHF 4H Chart: Channel Up
The Canadian Dollar is gaining value against the Swiss Franc in a narrow short-term ascending channel. The pattern started to form shortly after the currency exchange rate left the double top formation and made a rebound from the 100-period SMA at 0.7281. The nearest resistance is provided by a combination of the 50% Fibonacci retracement level at 0.7436 and the weekly R1 at 0.7442, which is likely to stop the current uptrend. The relevant retracement levels are measured by connecting the 2016 late low and high levels. If the projected rebound occurs, the Loonie is expected to fall to the closest combined support level formed by the 61.8% retracement level at 0.7361 and the weekly PP at 0.7358.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.