For almost a month Dukascopy Analytics stated that on the larger scale the yellow metal is heading to the 1,260.00 level. The move has occurred and fully ended on Friday.
The USD/JPY continued its decline until the rate almost reached the 111.80 level. That point suddenly forced a retracement of the currency exchange rate. By using this point new descending patterns were drawn.
On Friday, the GBP/USD traded still below the 1.2700 level, which continued to provide resistance.
The EUR/USD currency exchange rate has revealed an ascending channel pattern. The pattern represents the rate's surge following the bounce off from the lower trend line of a dominant descending pattern.