USD/ZAR 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/ZAR has recently breached the 200-hour SMA, an event that marked the start of the channel down formation. The pattern is already 100 bars long, during which  the boundaries of the corridor were tested on several occasions. 
Considering this set-up, the outlook on the currency pair is negative, even though technical indicators are only slightly bearish. SWFX marketplace participants, however, are strongly convinced that the U.S. Dollar is going to weaken, being that an overwhelming majority (70%) of open positions are short at the moment.

© Dukascopy Bank SA
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Thu, 18 Jul 2013 07:24:54 GMT

USD/TRY 1H Chart: Channel Down

Somewhat similar to the situation in USD/ZAR is observed in USD/TRY, where the currency pair has just fallen below the long-term moving average (for 200 hours), suggesting that the risks are now skewed to the downside. This means the price is more likely to focus on the nearest supports, namely 1.9083 and 1.9031. While the former level is an intermediary

Wed, 17 Jul 2013 14:38:02 GMT

EUR/DKK 4H Chart: Double Top

Assumptions behind the Double Top pattern are very similar to the ones with Triple Top pattern—pair fails to reach new high and gradually returns to the previous trading levels. However, at the same time they are somewhat weaker than in Triple top pattern. Pair tried to reach new high only twice. This is reflected in the short and medium term

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