CAD/CHF 4H Chart: Likely to edge lower
Following a reversal from the upper boundary of a dominant ascending channel on May 18, The Canadian Dollar began a new journey south against the Japanese Yen.
This movement could be considered a retracement down from the senior ascending pattern. Furthermore, after the currency pair hit the monthly pivot point at 0.76, the pair continues its decline.
Technical indicators provide strong buy signals for the remainder of this week. However, base on the setting of the CAD/CHF currency exchange rate, the analyst thinks the bullish momentum might not come into play during the next 48 hours. Bears could target 0.75 or 0.74 which is the weekly and monthly PPs.
This movement could be considered a retracement down from the senior ascending pattern. Furthermore, after the currency pair hit the monthly pivot point at 0.76, the pair continues its decline.
Technical indicators provide strong buy signals for the remainder of this week. However, base on the setting of the CAD/CHF currency exchange rate, the analyst thinks the bullish momentum might not come into play during the next 48 hours. Bears could target 0.75 or 0.74 which is the weekly and monthly PPs.
This movement could be considered a corrective move down toward the lower boundary of the dominant pattern. Moreover, the 55-hour simple moving average has been directing the pair lover.
Everything being equal, the CAD/CHF currency exchange rate is likely to continue to depreciate until it reaches the southern border of the aforementioned dominant descending channel.