CAD/CHF 1H Chart: Bullish sentiment allays
The Canadian Dollar has accelerated significantly against the Swiss Franc since mid-March. This allowed for a breakout of the prevailing channel down and the formation of a new junior ascending channel.
The Loonie was respecting the boundaries of this steep pattern for two weeks until it began diminishing the trading range. This could be an early indication of the fact that the bearish sentiment is to prevail within the following week, especially if the 55– and 100-hour SMAs are breached near 0.7660. This scenario is likewise confirmed by weekly technical indicators.
In the meantime, the pair might still push slightly higher during the following sessions towards the weekly R2 and the upper boundary of the senior channel circa 0.7750.
The Loonie was respecting the boundaries of this steep pattern for two weeks until it began diminishing the trading range. This could be an early indication of the fact that the bearish sentiment is to prevail within the following week, especially if the 55– and 100-hour SMAs are breached near 0.7660. This scenario is likewise confirmed by weekly technical indicators.
In the meantime, the pair might still push slightly higher during the following sessions towards the weekly R2 and the upper boundary of the senior channel circa 0.7750.
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