CAD/CHF 1H Chart: Loonie makes rebound from channel
The Canadian Dollar has been trading in a channel down against the Swiss Franc since early September. The pair tested the bottom boundary of this pattern on November 30 prior to making a rebound from a long-term channel circa 0.7820—a pattern which was breached two weeks ago.
The rate has made a minor correction north during the previous trading session. However, the combined resistance of the weekly R1, the 55– and 100-hour SMAs at 0.7755 is expected to reverse the Loonie back south.
The current positioning of the rate suggests that it should depreciate within the following two weeks just to test the medium-term channel in the 0.7600/20 territory.
In case bulls prevail, the subsequent upward surge is unlikely to be significant.
The rate has made a minor correction north during the previous trading session. However, the combined resistance of the weekly R1, the 55– and 100-hour SMAs at 0.7755 is expected to reverse the Loonie back south.
The current positioning of the rate suggests that it should depreciate within the following two weeks just to test the medium-term channel in the 0.7600/20 territory.
In case bulls prevail, the subsequent upward surge is unlikely to be significant.
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