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Daily Forex Update: CAD/CHF

Published 01/23/2012, 07:25 AM
Updated 03/09/2019, 08:30 AM
CAD/CHF
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GUID
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CAD/CHF has completed the Clear Up Channel chart pattern identified by Autochartist on the daily charts. The overall Quality of this chart pattern is rated at the 7 bar level as a result of the below average Initial Trend (measured at the 4 bar level), substantial Uniformity (8 bars) near maximum Clarity (9 bars). This chart pattern continues the predominant downtrend visible on the daily and the weekly CAD/CHF charts. The top of this Up Channel (point B on the chat below) formed when the pair reversed down from the strong level of resistance 0.9400. The downward reversal from point B led to the sharp Breakout of the lower support trendline of this chart pattern. The pair is expected decline further in the nearest time toward the Forecast Area set between price levels 0.8831 and 0.9046.

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The following weekly CAD/CHF chart shows the longer-term picture of this currency pair’s movement:

<span class=CAD/CHF" title="CAD/CHF" width="599" height="524">

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