The common European currency continues to trade against the Turkish Lira in a descending channel pattern, which has been analyzed previously. However, recent events demand an update of the analysis. As forecasted before the rate moved down to the 23.60% Fibonacci retracement level at 3.9307 and passed it after being hindered slightly. The situation is repeating itself, as the rate
The Greenback has been surging against the Swiss Franc since the start of February in an ascending channel pattern. However, the surge is at its end, as the currency exchange rate is in a descending channel on a larger scale, and the upper trend line of the channel down pattern has provided enough resistance together with the 23.60% Fibonacci retracement
The Australian Dollar has been trading against the Canadian Dollar in an ascending channel pattern since the end of January, as the pattern guided the currency pair to the 23.60% Fibonacci retracement level, which is located at 1.0147 level. The Fibonacci retracement levels for this pair are measured by connecting the 2016 high and low levels. After reaching the just
CHF/JPY tested 115.18 three times over the last two months and managed to at last abandon the area in a channel down pattern. The pair has, however, now exited the pattern to the downside and a small-scale retracement has been already completed. The rate has entered the cloud resistance and might gain some flatness inside of it while the multitude
CAD/CHF continued the somewhat ranging motion on the large scale, which it had extended for one and a half years. The triangle implies that the pair will continue the short-term uptrend and reach for levels above 0.7693, the upper boundary of the pattern. Upside potential will, however, be cut at 0.7755, a level that has been tested for multiple times
The common European currency trades against the Russian Ruble simultaneously in three different scale descending channel patterns. However, the situation is about to change, as the currency exchange rate recently hit the combined support level of the three channel down patterns. Due to that reason the currency pair is set to reverse its movements in the medium and long term.
The Greenback is trading in an ascending channel pattern against the Norwegian Krona, as the currency exchange rate has formed this medium term pattern in the aftermath of a breakout from the previously active descending channel pattern. Most recently the pair also formed a short term channel up pattern, which represents the rates rebound from the lower trend line of
Risks remained skewed to the downside for EUR/NOK after the pair managed to break the support of the trading range the pair had respected for a while and went on to sketch a channel down pattern below the significant 8.9300 level. The rate is currently attempting to distance itself from the upper boundary of the pattern and has entered a
Following an unsuccessful attack at the one and a half year high of 77.55, which has been tested multiple times during the period and therefore gained a lot of relevance, CAD/CHF slipped to then try and launch another attack with the help of an ascending channel. The pair is currently on its way north and has been having some trouble
The common European currency trades in a descending channel pattern against the Australian Dollar, as the rate approaches the lower trend line of a long term descending channel pattern. The pair is set to meet the lower trend line of the before mentioned pattern during the next week. The main aspect to be analyzed is the point of the reversal
Although the Australian Dollar trades against the Swiss Franc simultaneously in three ascending channel patterns, the currency exchange rate is about to begin a decline. The reason for that is the fact that the pair recently hit the combined resistance of a cluster of levels of significance, which is made up of the upper trend lines of the three patterns.
USD/CAD is sending mixed signals on the daily chart due to two formations with opposite implications. A double top at 1.3578 was established and then broken, but has not let the rate abandon it completely, but rather build up some bullish potential in a falling wedge formation. The wedge was broken to the upside at 1.3099 and we will look
While GBP/AUD appeared to be sketching an ascending triangle pattern on the hourly chart, it went on to post several confirmations of a rising wedge pattern. The pair is now targeting the bottom trend-line o the formation around 1.6215, but will have to under-step 1.6230/25 in order to approach the area. While we expect the rate to make one more
EUR/DKK slipped beneath the two-year low of 7.4332 over the last couple of days, stepping into dangerous territory for bears. The area was tested in December 2016 before and could need a retracement to continue the downfall. The hourly chart, however, shows a channel down pattern, which held strong until now, when highs became lower and a falling wedge spilled
The Singapore Dollar is another of the many currencies, which is scoring gains against the Japanese Yen, as the currency pair is in a medium and short term ascending channels, which are a part of a large scale descent. Recently the pair has already hit the combined resistance of the medium and large scale pattern upper trend lines. The rate
For the past few weeks the Turkish Lira has formed a medium term ascending channel pattern against the Japanese Yen, as the currency exchange rate trades in the border of two larger scale patterns. On a few month time frame the currency pair is also in an ascending channel pattern, which is aimed at the upper trend line of the
After scoring new heights against the Turkish Lira, the common European currency has begun a period of consolidation, which occurs in the borders of a descending channel pattern. The change of direction occurred due to the currency exchange rate hitting the upper trend line of a three year long ascending channel pattern. The newly formed descending channel is most likely
The yellow metal is simultaneously trading in two ascending channel patterns. However, it is imperative to examine the short term channel. The bullion's price is also highly influenced by the Fibonacci retracement levels, which are measured by connecting the 2016 high and low levels. The short term ascending channel pattern is a representation of the commodity price's rebound and subsequent
USD/DKK topped the half-year climb at 7.1560 and now appears to be forming a head and shoulders on the daily chart. The neck-line has arguably been tested at 7.0562 and the pair has entered a small-scale channel up pattern on the hourly chart. While bullish pressures still stem from the new pattern, the pair encountered the 7.0089 level, which it
Despite previous bullish signals on the hourly time-frame, GBP/USD entered a bearish market and stuck around the ultimate bottom of 1.1996 it had established mid-January. The pair is currently in a ranging motion which is likely to fade soon, and, while inconclusive, a rally will most likely push towards 1.2427, the immediate resistance. The pair will ultimately target the upper
Although the headline says that the pair is in an ascending channel, the Swiss Franc is preparing to decline against the Singapore Dollar. The reason for that is that not only is the rate in a short term ascending channel, but also in a descending larger scale pattern. To be particular, a decline is expected because the currency exchange rate
At first glance one sees that the Pound is depreciating against the Australian Dollar in a simple descending channel pattern that has the characteristics of a typical medium term pattern. By having a second look, it can be seen that the medium term channel pattern is a representation of a larger descending channel's inner fluctuations. However, on a massive scale
A set of bearish patterns are leading GBP/USD to the downside on several different time-frames. The pair has been following an indistinctive channel down pattern on the daily chart, sketching some additional bearish formations on other time-frames. An overlap of a channel down and symmetrical triangle tells us unanimously that the downtrend should extend in the short, medium and long-term.
Following attacks at almost yearly highs of 15.24 in December 2016 and January, HKD/JPY put an end to the uptrend with a double top on the daily chart and went on to extend a slide. The pair was attempting to reverse from the bearish trend, but unsuccessfully, as channels were broken and a new—bearish one was recently established on the