The US Dollar has been appreciating against the Danish Krone since May 15. At the moment, however, the pair is undergoing a period of correction, while moving in the direction of the lower edge of the bullish pattern. The pair is currently capped by the weekly R1 from above at 6.8594, which is going to put additional pressure on the
As mentioned in the previous report, GBP/USD has recently broken out of the bullish channel. However, the upward momentum may still be alive, being that the 200-period SMA remains intact, and the technical indicators are mixed. Regardless, the short-term bias is to the upside. The exchange rate is expected to rebound from 1.53, but the surge is unlikely to extend
NZD/USD is apparently forming a downward-sloping channel, meaning the general outlook is bearish. If the New Zealand Dollar starts to recover, which may well be the case since the Kiwi is now facing support at 0.7230 (weekly S1 and monthly S2), the rally should be stopped by the upper boundary of the pattern at 0.7350. The target is the lower
After EUR/CAD touched the pattern's support in the beginning of this week, it is currently growing in value. The trend-line, in turn, was reinforced by monthly PP, weekly S1 and 200-period SMA, and they altogether denied any bearish idea to send the single currency below 1.3450. Meanwhile, the present rebound is creating its own risks for the currency pair. The
A short-term downward movement of the Sterling against the Australian Dollar gave the bullish market participants time to prepare for further gains. As a result, on Tuesday the GBP/AUD currency pair commenced a recovery from the lower boundary of the upward channel pattern. In the near-term the British Pound will face an important support at the round level of 2.00,
The bears have recently proved their might by breaking through the major up-trend (connects Apr 14 and May 11 lows), which was reinforced by the long-term moving average. Accordingly, the bias towards AUD/USD is negative, at least until we descend down to the April low at 0.7534. However, there is an increased chance of a rally in the very short
EUR/CHF is a ‘sell' at the moment, being that the pair has formed a bearish channel. The upside is limited by a combination of the falling resistance line, May 25 high, and daily R1 at 1.0390, which may prove to be a good level for an entry. The immediate support level is at 1.0356, but the bears are unlikely to
Following a short-term correction in the middle of May, the single currency has been reviving its strength during the past six days. As a result, the EUR/PLN currency pair has almost approached the upper boundary of the bullish channel, which is placed just above the 4.15 major level. This mark, however, is reinforced by the weekly R1 from below, therefore
The Swiss Franc is currently testing the upper trend-line of the falling wedge pattern, while intending to violate this level and reverse losses that occurred in the May 15–May 26 period. The pattern's resistance is being guarded by the daily pivot point and 55-hour SMA around 1.4210. Moreover, in case the trend-line is successfully crossed, the CHF/SGD currency pair will
The bias towards EUR/SGD is bearish, being that the currency pair has recently proved to be unable to overcome resistance at 1.5150 (May high). While we may expect some rallies in the short run, they should be limited by the falling trend-line at 1.48. The immediate support is at 1.4680, represented by the May low. Once this level is breached,
Despite a seemingly strong upward momentum we had been observing since the beginning of April, GBP/USD has broken out of the channel to the downside. However, it is still too early to say that the bulls have completely lost control of the pair. The volume was relatively low during the sell-off, and the long-term SMA is still below the spot
After the USD/TRY pair approached lower boundary of the pattern on Thursday of the previous week, it is now developing to the north in the direction of the upper trend-line. The Buck has recently violated the 55-period SMA, confirming intentions for additional gains in the medium-term. In case the pair manages to penetrate the next major resistance at 2.64 (weekly
Despite trading in the up-trend during the past seven days, the US Dollar is likely to decline in the medium-term. The pair has just bounced back from the lower edge of the pattern, and is currently trading at the 8.4050 mark. Even though the majority of short and medium-term technical indicators are pointing to the upside, the space down to
After the rollercoaster experienced between October and February CAD/JPY is acting more reserved now. The currency pair is forming a bullish channel, but right now it is set to decline, since there should be a downward correction from the upper edge of the pattern before another up-leg. Consequently, resistance at the level of 100 yen for the time being should
Considering that USD/CHF has been trading in a well-defined bearish channel since early March, the bias is to the downside. The currency pair is supposed to stay beneath 0.9440, where resistance is implied by the falling line and the 200-period SMA. The first near-term target is the monthly S1 at 0.9142, followed by the May low at 0.9074. As soon
Despite a strong sell-off at the beginning of May that interrupted Sterling's recovery, GBP/CAD returned to trading between the boundaries of the bullish channel. Accordingly, the outlook is positive. The exchange rate is expected to rebound from 1.90 to 1.93 over the next few days. In the longer-term perspective, the currency pair may well rise up to 1.9560, where the
Two days ago we have already discussed the CHF/JPY currency pair, when the cross formed a double bottom pattern. Now, it seems that the pair is intending to grow in price, meaning we are already dealing with the rectangle pattern. The bullish development of the Swiss Franc against the Japanese yen is shared by short and medium-term technical studies. Next
On Wednesday, the EUR/JPY currency pair depreciated down to the pattern's support around 134. Therefore, the common currency is forecasted to rebound in the foreseeable future, even though a number of attempts were recently stopped by the 200-hour SMA, currently at 135.21. According to the technical indicators on one-hour and daily time frames, the Euro will gain value in the next
As suggested by the four-hour and daily technical indicators, the outlook on EUR/PLN is currently bullish. However, in the near term the upside is limited by the rising resistance line at 4.14, meaning we need a down-leg for a good buying opportunity to present itself. Meanwhile, we should also recognize that being long is somewhat risky, being that EUR/PLN has
Taking into account the latest fluctuations of USD/TRY, there is supposedly a bearish channel forming on the four-hour chart. The US Dollar might recover in the short run, but the rally is likely to be stopped near 2.66, where the monthly pivot point merges with the down-trend line and 200-period SMA. Then we will look for the exchange rate to
Along with EUR/GBP currency pair, the USD/CHF cross has been hovering inside the boundaries of the bearish channel, only though the pattern's time frame dates back to the first weeks of March. On the contrary, USD/CHF is now undergoing a period of bullish correction, while the pair is successfully moving in the direction of the upper trend-line. With neutral technical
Since the beginning of this week, the common currency has been refusing to move significantly below the upper trend-line of the bearish pattern. Despite that, there is scope for a sharp downward development at the moment. At first, EUR/GBP is required to violate the nearest weekly support line at 0.7069 (weekly S1). Additional momentum should be provided by the 200-hour
Given the current market conditions, the risks are heavily skewed to the downside. The latest gains should be capped by 9.28, where the daily pivot point merges with the falling trend-line. The nearest support is at 9.26, and this level must be broken in order for the currency pair to confirm its intentions to descend deeper, down to 9.2450 (May
While there is a high possibility of a rally in the short run, the general outlook on EUR/TRY is bearish until the April low at 2.78 is reached, since supply at 3.09 did not allow the price to advance further in the first half of May. Over the next few days the Euro is likely to appreciate to 2.90, but