Trade of the Day: CAD/CHF

By: Dima Chernovolov

CAD/CHF continues to fall inside the 30-minute Falling Wedge chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Falling Wedge at the 3-bar level – which is the result of the slow Initial Trend and Uniformity (1 and 3 bars) and higher Clarity (6 bars). CAD/CHF is expected to fall further inside this Falling Wedge.

As can be seen from the weekly CAD/CHF chart below – the pair earlier broke the round support level 0.7000 (continuing the clear multi-month downtrend), standing near the 61.8% Fibonacci correction of the upward impulse from 2020. The strength of the active daily downtrend increases the probability CAD/CHF will continue to fall inside this Falling Wedge.