Dukascopy Bank Team
Dukascopy Bank SA
CAD/CHF 1H Chart: Rising Wedge
Comment: After hitting the lowest level since August on 16th of October at 0.8319, CAD/CHF started reversing the recent losses. At the same time the pair was able to form a rising wedge pattern.
The pair is reaching for the highest levels this year that were set at early October, when the Loonie approached 0.8639. The shorter term technical studies, namely 1H and 4H, are strongly bullish. Moreover, also the majority (75%) of the SWFX traders’ are bullish on CAD/CHF. There are certainly more bullish signals for the time being; therefore, with the pair being near the upper trend-line we see a potential for bullish break-out, this year’s high could be the target.
NZD/CAD 4H Chart: Falling Wedge
Comment: Even though the pattern (Falling Wedge) is rather short being 57-bars long, it offers a great quality and magnitude. The pattern started to form, after a failure to consolidate above the psychological level at 0.90.
Clearly, the NZD/CAD cross is still on a bearish bias; however, we already saw a correction in early October, with the pair testing the 0.90 level. The 4H and weekly technical indicators point downwards, proclaiming that there still is high probability of the downtrend to continue. Furthermore, we expect the Kiwi to approach the 100 and 200-period SMAs around 0.8850 mark, before trailing lower. For now this year’s low at 0.8617 remains the target level.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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