CAD/HKD 4H Chart: Channel Up The Canadian Dollar is trading against its Asian counterpart simultaneously in a medium-term rising wedge and short-term ascending channel. As regards the dominant formation, its lower support line practically coincides with the 55-hour SMA, while the other line represents an upper boundary of the junior pattern. As...
The Pound was trading in a channel down against the Swiss Franc before breaching this pattern on Monday. The rate halted at 1.2274 in the middle of the channel and subsequently formed a minor up-trend. It likewise breached the 55-hour SMA from below and is currently being supported by this line. In addition, the pair’s movement has been stranded in a broadening...
Following a five-week appreciation against the Japanese Yen that resulted in the formation of a rising wedge, the Singapore Dollar breached the given pattern to the downside. Consequently, the last wave downwards formed a short-term channel down in which the rate has been trading since. From theoretical point of view, the Singapore Dollar should make a retracement...
EUR/JPY 4H Chart: Symmetrical Triangle The ECB President Mario Draghi’s speech last week caused a lot of anxiety in the markets and pushed the Euro into a symmetrical triangle against the Japanese Yen. The pattern has already two reaction highs and two reaction lows, which means that the current round most probably is going to end with the breakout. An...
The USD/CNH currency pair has formed a falling wedge. The given pattern has already provided three confirmations on each side and is gradually approaching its ending point. The rate entered the wedge from below, suggesting that a breakout, expected to occur somewhere near the end of July, should be due to the upside. However, technical indicators in both shorter...
The European common currency has been trading against the Canadian Dollar in two formations simultaneously. In mid-April, the pair entered an intermediate descending triangle. The pair stuck to the upper trend-line for a while, thus forming a junior channel down. Moreover, it tested the bottom boundary of the senior patter for a week prior to edging towards the...
GBP/JPY 4H Chart: Channel Down The British Pound is trading against the Japanese Yen in a recently formed descending channel. The pattern represents a rebound of the currency exchange rate from the second peak of the double top formation. For the moment, the channel has already four confirmation points and, thus, might be broken in the nearest future....
The US Dollar is losing value against the Canadian Dollar simultaneously in two descending channel patterns. Most recently the currency pair encountered the support of the dominant pattern. However, due to the angle of the two pattern's, before the junior pattern is broken, the currency rate is likely going to encounter the support of the 2016 low level at the...
The US Dollar is losing value against the Canadian Dollar simultaneously in two descending channel patterns. Most recently the currency pair encountered the support of the dominant pattern. However, due to the angle of the two pattern's, before the junior pattern is broken, the currency rate is likely going to encounter the support of the 2016 low level at the...
Due to recent developments and requests the Dukascopy Research Team has decided upon updating the outlook for the AUD/CHF currency pair. First of all it has to be noted that on Thursday a break out from the ascending channel pattern occurred, which caused the curiosity in the pair. It can be observed that the pair encountered a strong resistance level above the...
The Australian Dollar has shown some strength against the Swiss Franc for the last three weeks, thus resulting in the formation of a channel up. The starting period of this pattern was rather chaotic; however, it managed to form two distinctive peaks within the last five trading days. The direction of the last wave down is to the side, resembling a minor falling...
Recently the Euro hit the upper trend line of a massive scale channel down against the US Dollar. As a result of that event the decline of the pair began. However, that ended, as ECB President Mario Draghi began speaking at the monthly ECB press conference. The currency pair erased all previously suffered losses and surged back up to the zone marked by the upper...
The Greenback has been depreciating against the Turkish Lira in a short-term channel down. The last two waves up, however, failed to form a movement upwards, resulting in a consolidation period. The rate tested the upper channel boundary mid-session and has since moved lower. However, given the direction of this wave, it may still re-test the given line in...
USD/DKK 4H Chart: Channel Down The American Dollar is losing value against the Danish Krone in a three week long descending channel. Formation of the pattern began shortly after the Greenback depreciated by 1.55% on June 27. In the second half of the yesterday’s trading session the currency exchange rate has bounced off from the channel’s bottom...
HKD/JPY 4H Chart: Channel Down The Hong Kong Dollar is depreciating against the Japanese Yen simultaneously in medium-term and short-term descending channels. The junior pattern represents a second rebound of the currency exchange rate from the upper trend-line of the senior formation. It seems that in the early Wednesday morning the pair has already...
The US Dollar has been weakening against the Danish Krone since February, thus forming a falling wedge. The given pattern has been valid for several months now, which indicates that its maturity may be reached soon. This assumption is supported by the fact that the US Dollar is gradually moving towards a two-year low at 6.4040. This level may eventually turn into...
The European common currency is trading in a narrow channel down against the Norwegian Krone. The given pattern was formed after the rate failed to reach the upper boundary of a rising wedge. Nevertheless, the price has altered its direction, as apparent from its failure to reach the upper channel boundary. The rate plunged mid-session, but was supported by the...
USD/CHF 4H Chart: Channel Down The American Dollar is losing value against the Swiss Franc in a medium-term descending channel. The pattern started to form practically two months ago after a three day long depreciation of the Greenback, which put the currency rate below the 55-, 100- and 200-period SMAs. In the end of the previous week the pair has...