CAD/CHF 1H Chart: Pair faces strong resistance
CAD/CHF is trading in two channels. The senior one has confined the rate since early September, while the junior one was initiated last week when the rate bounced off the 0.7870 mark.
If looking at the pair’s current movement, the Aussie reversed from the junior channel mid-Wednesday and initiated a slight recovery.
However, the rate has shown lack of volatility during this session, as the weekly S2 and the 55-hour SMA near 0.7770 is putting downward pressure on it. This could result in the Australian Dollar entering a consolidation phase but nevertheless moving towards the upper boundary of the junior channel.
By and large, the base scenario favours the rate edging lower during the following two weeks just to approach the bottom boundary of the senior channel.
If looking at the pair’s current movement, the Aussie reversed from the junior channel mid-Wednesday and initiated a slight recovery.
However, the rate has shown lack of volatility during this session, as the weekly S2 and the 55-hour SMA near 0.7770 is putting downward pressure on it. This could result in the Australian Dollar entering a consolidation phase but nevertheless moving towards the upper boundary of the junior channel.
By and large, the base scenario favours the rate edging lower during the following two weeks just to approach the bottom boundary of the senior channel.
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