EUR/USD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/USD continues to trade between two rising trend-lines, after using support at 1.05 as a springboard. However, there are signs that the bullish momentum has already been exhausted, and we should be wary of a break-out to the downside. The latest rally was supposed to reach the upper trend-line by extending to 1.15, but the advancement stopped earlier, near the weekly R1. And while the daily technical indicators are still mostly pointing north, the longer-term studies are mostly giving ‘sell' signals. If the lower edge of the channel is in fact broken, the Euro will likely target 1.1050 next, while another support is at 1.09, where the weekly S1 merges with the 200-period SMA.
© Dukascopy Bank SA
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Fri, 08 May 2015 14:23:36 GMT

GBP/USD 4H Chart: Channel Up

Since the last time we looked at the Cable, the currency pair confirmed the trend-line and then attacked the previous high (1.55). However, so far the Sterling is unsuccessful at updating this peak. Still, most of the technical indicators, especially on the four-hour and daily charts, are pointing upwards, and none of the major supports were broken, meaning the price

Fri, 08 May 2015 05:48:41 GMT

EUR/CHF 4H Chart: Channel Down

Being unable to climb above 1.05, EUR/CHF is now in the process of forming a bearish channel. Over the next few days the exchange rate should aim for 1.0260, while being capped by the upper boundary of the pattern, which is currently at 1.0370.In the longer-term perspective, when and if the currency pair approaches 1.0240, the upside risks will dominate

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