The US Dollar entered a channel down patter on the one hour chart against the Zloty on June 7. At the moment, the currency exchange rate has rebounded against the pattern's lower trend line at 3.9298, and it is moving north at 3.9466. On its way up, the pair is now facing the second weekly resistance at 3.9763 and the
On a four hour chart, the US Dollar entered a channel down pattern against the Singapore Dollar on May 24. The patterns trend lines have been confirmed two times. At the moment, the currency exchange rate has bounced off the upper trend line at 1.3552, and it is moving down at 1.3502. However, on the way down to the lower
After falling 300 pips since mid-May, the Euro still remains bearish relative to the Swiss Franc. The pair has recently broken through a major support line that has been guiding the price north for the last seven months, and this further reinforces the negative bias. However, while the near-term outlook is strongly bearish, we should note that EUR/CHF is closing
USD/ZAR is well-positioned for a few-day rally. The pair has been forming a bullish channel for the past two weeks, and now it is right at the lower bound of the pattern, meaning there is a high probability of a rebound from 15.20 and through the two-day falling resistance line at 15.27. The target is a cluster of resistances
The US Dollar is in a triangle pattern against the Turkish Lira. At the moment, the pair is trading at 2.9322, which is above and close to the pattern's lower trend line. As the currency exchange rate still has not broken out of the pattern, a break out of the pattern downwards is still possible. The rate is still struggling
The US Dollar is in an interesting channel up pattern against the Danish Krona. According to the pattern, the Greenback is set to continue appreciating against the Krona. However, this channel up pattern is only viable on a smaller scale, as the currency pair is in a downward trend on a larger scale. This contradiction between the two of them
GBP/NZD disregarded the major demand area around 2.03, and the price keeps falling within the descending channel. Both the pattern and the majority of technical indicators imply that the rate will confirm resistance at 2.0220 and then will extend the sell-off from 2.20 down to 1.9630. However, we should note that the upside risks are currently increased, mainly because
The bias towards AUD/USD is strongly negative. For one, currency pair is currently forming a descending channel, and at the moment the price is trading right at the upper bound of the pattern. In addition, the rate has just broken through the 200-hour SMA, and the near-term technical indicators are mostly pointing south. Moreover, the Australian Dollar is heavily overbought—72%
The New Zealand Dollar entered a channel up pattern against the Canadian Dollar on May 24 on the four hour chart. At the moment, the currency exchange rate is at 0.9000 and moving down to the lower trend line at 0.8970, which has been confirmed two times, and also it is supported by the 55-period SMA and monthly R1. The
The European common currency entered a broadening falling wedge pattern against the Canadian Dollar on May 18. The pattern has been confirmed two times since then. At the moment, the currency exchange rate is at 1.4414, and it is moving south to the patterns lower trend line, which is located at 1.4300. The pair is facing one support on its
At this very moment the Euro is bullish, as the currency pair is recovering after confirming the lower bound of the emerging channel. The rally should soon end near 120.60 yen and give way for a sell-off. Meanwhile, the longer-term risks are noticeably skewed to the upside. The first potential reversal point is at 118.70/50, created by the monthly S3,
AUD/SGD is currently forming a bullish channel, and the pattern suggests a rebound from 0.9985. However, we do not expect the lower bound of the channel to hold on for long, considering that the present recovery from 0.9870 is of correctional nature—the Aussie is in a retracement after the Apr 26—May 26 decline at the moment. At the same time,
The Canadian Dollar has been depreciating against the Japanese Yen in a channel down pattern on the hourly chart since May 24. At the moment, the currency exchange rate is at 83.05 and will likely continue to move downwards. The depreciation is confirmed by not only the channel down pattern, but also the fact that the pair just got out
The Euro entered a new channel down pattern on May 25 against the Norwegian Krona. The currency pair was in a channel down patter for a long time on a larger scale. However, there was an upward trend from the middle of April to the start of the most recent pattern, which continues previous depreciation trend. The current channel's trend
Starting from last year's June, the Swiss Franc has been consistently underperforming the Japanese Yen, which has eventually led to formation of the bearish channel. Accordingly, we expect any near-term rallies to be capped at 113 yen, while the current target is the green trend-line at 105.50, as suggested by the technical indicators in all relevant time frames. However, we
During the previous month the currency pair failed to gain a foothold above 1.56 and thus missed an opportunity to test the 10-month falling resistance line at 1.58. Since then EUR/AUD is bearish, and there is a good chance that somewhere in August the rate will already be probing an up-trend that connects all the major lows of the last
Since the last time we looked at EUR/SGD, the pair has remained within the boundaries of the channel. However, even though the technical indicators and the pattern imply further depreciation of the Euro, we are bullish on the currency. Looking at the daily chart it becomes clear that EUR/SGD is currently testing the lower bound of the major symmetrical
The Japanese Yen is moving in a descending triangle pattern against the Japanese Yen since May 31 and still has not broken out of it. At the moment, the currency pair is fluctuating around the level of 154. The pattern's lower trend line is located at 153.30 and if it is broken, then the currency will likely drop even further.
The Swiss Franc entered a rectangle pattern on the four hour chart against the Singapore Dollar on March 10. The pair has bounced off four times against the pattern's trend lines. At the moment, the currency exchange rate is moving north at 1.4059, which is between the weekly first and second resistances. If the pair moves upwards, as suggested by
Earlier this week we mentioned a potential bearish channel emerging in the four-hour chart of GBP/AUD but noted elevated upside risks due to a trend-line that had been playing a major role for seven months starting with last year's August. The closer the price was getting to this support, it was becoming increasingly clear that the pair was forming a
Most studies imply that EUR/JPY is to keep falling, but there is one counterargument strong enough to negate the bearish bias. The pair has formed a well-defined descending channel, and the negative outlook is further reinforced by the four-hour technical indicators and the fact that the Euro is overbought—69% of positions are long. Right now, however, the currency pair is
The Euro has been is in a channel down pattern against the Singapore Dollar since May 5. At the moment, the currency pair is located in the middle of the pattern, and it is moving downwards at 1.5353. In the meantime, on a larger scale the exchange rate is in a triangle pattern, and it is moving towards the lower
The US Dollar entered a broadening falling wedge pattern on January 6 against the Norwegian Krona. The currency exchange rate has bounced off of the pattern's trend lines four times in the past half year. However, on a larger scale the pair faces the support provided by the October 2015 price level of 8.05, from which the USD/NOK pair rebounded
Considering that EUR/SEK managed to breach the falling resistance line yesterday, the outlook on the pair is bullish. The problem, however, is that a similar situation was observed just a while ago, between May 25 and June 2, when the price recovered, but eventually gave in to the selling pressure. The current rebound is also seen having a correctional nature,