Daily Forex Update: CAD/CHF

By: Dima Chernovolov

CAD/CHF continues to fall inside the 30-minute Descending Triangle chart pattern which recently identified by Autochartist. Autochartist rates the quality of this Descending Triangle at the 4-bar level – which is the result of the average Initial Trend (5 bars), lower Uniformity (4 bars) and medium Clarity (5 bars). CAD/CHF is expected to fall further inside this Descending Triangle – in line with the earlier downward reversal from the strong resistance zone shown below.

As can be seen from the weekly CAD/CHF chart below, this Descending Triangle follows the earlier downward reversal from the resistance zone lying between the long-term resistance level 0.79000 (which has been reversing the pair from 2015) and the upper weekly Bollinger Band. The proximity of this resistance zone lying increases the probability CAD/CHF will continue to fall inside this Descending Triangle.

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