The CAD/CHF exchange rate has been moving in a descending channel since early May. The currency pair pullback from the upper dominant ascending channel pattern on May 10 and followed by a period of decline.
The Canadian Dollar reached the lower boundary of both the dominant and the junior patterns and made a U-turn north. As a result, the pair dashed through the 55-, 100-, and 200-hour SMAs.
As for near future, a breakout from the junior pattern could be expected during the following trading sessions. However, technical indicators suggest that bears are likely to come into play today.
