After a period of gains in April, the Swiss Franc decided to make a temporary stop in the area between 128.20 and 131.20. As a result, the pair formed a double top pattern, which may become a rectangle, in case the current trend persists. Four-hour technical studies are strongly bearish at the moment, meaning that they expect to see the
The New Zealand Dollar has been losing value against its American counterpart since April 29, even though the present downward channel pattern has already started to emerge a week before that date. Now the pair is moving in the direction of the lower trend-line, which is strengthened by the weekly S2 at 0.7207. In case the Kiwi violates the weekly
USD/PLN is a strong buy, considering that the currency pair has recently closed above the multi-month down-trend line, which appears to be the upper edge of the falling wedge. However, it might be a good idea to wait for a pull-back to the trend-line before going long the US Dollar. The price is likely to dip down to 3.60 after
There are currently many signals suggesting the New Zealand Dollar is going to keep underperforming its US counterpart. The main reason to be bearish the Kiwi is because NZD/USD has just broken through the 200-period SMA to the downside and confirmed resistance at 0.7550. Auxiliary signals are provided by the fact that there is a falling channel emerging on the
Despite dropping considerably since Thursday of the previous week, the Cable is expected to regain strength in the foreseeable future. The Sterling is now nearing the weekly S1 at 1.5477, and this level can be strong enough to withstand the significant bearish pressure. However, a failure to keep the pair afloat is likely to lead to further losses down to
Besides trading inside the boundaries of the channel down pattern that was discussed on Tuesday morning, the USD/CHF has also created a double bottom at the same time. It proclaims that there is a possibility that the US Dollar will give up rising earlier than initially anticipated, namely around the top level between two valleys at 0.9360. In case the
Although because of almost perfectly horizontal price chart of USD/JPY correlation between CHF/JPY and USD/CHF should be close to negative 1, the first Franc-cross seems to have a higher chance of forming a reversal pattern than USD/CHF. Here the potential decline beneath the neck-line (May 11 low at 128.24) will have around 200 pips of free space before it encounters
There are two conflicting signals emerging at the moment. On one hand, there is a bearish channel developing since March, and it implies a sell-off from 0.95, where the upper boundary of the pattern coincides with the monthly PP and 200-period SMA. On the other, the pair has made two distinct bottoms near 0.91, and this implies a breach of
A recent recovery of the Canadian Dollar was immediately stopped by the monthly pivot point and 200-period SMA at 0.7750. Bears gained strength at these levels and the pair started to decline. At the moment CAD/CHF is nearing the weekly and monthly S1 demand zones at 0.7570. In case the Loonie is forced to decline beyond them, the next long-term
After increasing in value for four consecutive days during the May 7-12 time period, the GBP/JPY currency pair was stopped by the 188.60 mark. As a result of that, the double top pattern was created on the hourly chart. At the moment there is a possibility that this cross will decide to form a third top in the next few
AUD/JPY appears to be a good buy right now, considering that it retreated to 95.70, where the price is supposed to be underpinned by the rising trend-line and weekly pivot point. The currency pair is expected to turn around here and then surpass the May 14 high while on its way towards the upper trend-line of the pattern at 99.00.
USD/PLN has been trading in a distinct down-trend since May 11, and the tendency is likely to persist. In the near-term the rallies are to be capped by the falling resistance line at 3.55, while the target is 3.5050, where the lower boundary of the channel coincides with the 2011 Dec low. The negative outlook is reinforced by the technical
There soon may open up an opportunity to go long the New Zealand Dollar. The currency has been preserving the bullish momentum since the beginning of 2009, and right now it is approaching the lower boundary of the upward-sloping channel at 0.86. The positive outlook is also reinforced by the fact that 0.86 is strengthened by the 2014 low and
Provided with major bearish pressure near 3.67 (monthly PP), the USD/PLN currency pair decided to resume a decline and continue respecting the boundaries of negative-sloping channel. At the moment, the pair is already hovering as low as 3.57, and further losses seem to be the case in the short and medium-term. If the US Dollar's bears succeed in testing the
The Russian Rouble has been strengthening against the Buck since February of this year. However, the most recent downtrend of May 7-15 created the bearish channel on the one-hour time frame. Moreover, the US Dollar's slump may deepen in the nearest future, in case the USD/RUB pair fails to penetrate the pattern's resistance at 50.21, which is accompanied by the
The Swiss Franc has been consistently strengthening since mid-March, and there is a good chance the tendency is going to persist. The rallies are supposed to be limited by the resistance trend-line at 0.9268, while the bears are expected to push the price through the support area at 0.9140 (weekly and monthly S1) towards the falling support line and monthly
The situation continues to evolve in a predictable manner, as the market confirmed the support trend-line. The challenge for the bulls is now represented by the supply area near 1.5360, where the weekly R1 coincides with the monthly R2. If this obstacle is overcome, EUR/NZD will likely rise up to 1.58, where it is going to meet the upper boundary
The British Pound has been extraordinary upbeat in the last few weeks. As a result of that, the Cable created a bullish channel on the 4H chart. However, the pattern's resistance has just been approached. In case bulls fail to send the Sterling above 1.5820 in the next 24 hours, a probability of the bearish correction may increase considerably. A
Yesterday, the EUR/USD currency pair confirmed the triangle pattern, which has been emerging since May 5 on the hourly chart. Strongly supported by the 200-period SMA, bulls managed to push the single European currency considerably to the upside, and the pair has already appreciated by around 200 pips during the last 24 hours. Judging from technical indicators on all time
After demand at 1.00 stopped the bears who had been in control of the pair since the beginning of November, AUD/NZD started to climb upwards, and eventually the currency pair formed a bullish channel. For now the currency pair is consolidating, but the dips should be limited by the rising support line together with the weekly R1 at 1.0739. Once
The upward-sloping channel that is currently developing on the hourly chart may be deceiving. In fact, the currency pair is closing in on the resistance line at 4.11, which may well trigger a strong sell-off, and the weekly technical indicators are in favour of this scenario. The decline is expected to result in a breach of all the support levels
A recovery of the Canadian Dollar against the Japanese Yen has been taking place since the second week of April. Since then, an overall increase in the pair's value amounted to more than 500 pips, while the upward momentum is estimated to send the pair above 100 in the foreseeable future. When the weekly R1 at 100.06 is violated, bulls
It seems that NZD/CAD currency pair is successfully extending gains above the pattern's resistance line. At the same time, the pair will face a strong supply area in the near-term, represented by weekly S1 and 100-hour SMA. In case of consolidation above both of these levels, the New Zealand Dollar will most likely appreciate further and target the weekly pivot
The Yen seems to be losing ground across the board, and CAD/JPY is not an exception. The positive outlook is also reinforced by the fact that the pair has formed a well-defined channel, which implies a rally towards 101.74 during the next few days. Moreover, the four-hour and daily technical indicators are mostly pointing north. However, there are also plenty