Although at first it may have seemed that the sell-off initiated on Dec 13 was simply a retracement of the up-move started at the beginning of the current month, the decline appears to have developed into an independent down-trend, considering that the 200-hour SMA has already been violated.Right now, being that the exchange rate is fluctuating just beneath the upper
The descending triangle appeared on the 1H chart of CHF/SGD due to a bearish correction of the one-month rally started in mid-November. Accordingly, the risks were skewed to the upside, which was confirmed by a recent breach of the down-trend resistance line. However, we should be wary of a possibility that the bullish momentum may have already been exhausted—the market
A jump above a three-year high was the last bullish move EUR/SGD performed within the limits of the 330-bar long rising wedge pattern as after that the pair fell sharply and broke through the pattern's support. Although the pair attempted to come back to the pattern's area several hours later, it failed to succeed thus solidifying the view that the
The second part of November and the first weeks of December were marked as a period of an accelerating advance of the common currency against the Canadian Dollar. After the climb, the pair slightly retreated but then re-gained strength to rally again; in other words, the pair formed a double top pattern. Now the pair is unremittingly moving towards the
Having been a subject to a notable buying pressure since mid-October, the Hong Kong Dollar has been gaining ground versus the Japanese Yen and in the first week of November the pair embarked on a formation of the channel up pattern. Despite trading at record high levels, the pair seems to have no intension to halt the rally; now it
A drop to a one-month low in the very end of October provoked an appreciation of the U.S. Dollar against the Norwegian Krone; this climb has become a part of the 195-bar long double top pattern formed by the pair. Recently, the currency couple has belied expectations of a breach of the pattern's support, remaining above this significant level after
Since the beginning of November the Australian Dollar has been inclined to lose value relative to the Singapore Dollar. As a result, the currency pair has formed a channel down, meaning the bearish tendency is likely to be preserved for the foreseeable future.Just recently, however, the price has run into the lower boundary of the downward-sloping corridor, indicating there is
Starting from Nov 8 the currency pair has been in a distinct down-trend and has covered nearly four figures since then. However, the support at 0.8851 managed to withstand two attempts of USD/CHF to extend the decline, meaning there is a double bottom on the chart.Considering that the key resistance (neck-line) at 0.8918 implied by the pattern has already been
The Canadian Dollar has been rallying against the Japanese Yen since early November; a climb was performed within the limits of the rising wedge pattern that is 164-bar long now. While fluctuating between two gradually converging lines, the pair managed to attain a five-month high twice; the most recent stab to this peak led to a retreat to the 50-bar
An appreciation of the common currency against the Swedish Krone started in mid-September; however, the pair commenced to shape a channel up pattern only in early November when it managed to expedite the pace of its advance. Now the pair is on the downside, retreating from the pattern's resistance it touched several days earlier. Technical data suggests the pair is
A 312-bar long rising wedge pattern formed by USD/ZAR started in the end of September when the pair was on its way to recovery after a retreat from a five-year high hit in the last days of August. Currently the pair is trading above its 50-bar SMA, albeit slightly. However, a breach of this important level is not considered to
USD/HKD performed a sharp decline after it touched a three-day high on December 11. The slump was developed in the corridor of two downward sloping lines that act as boundaries of the 112-bar long channel down pattern. The currency couple has recently attempted to breach the upper limit of the corridor but the 200-hour SMA prevented this from happening and
The Aussie is considered to be at an "uncomfortably high" level by the RBA even despite strong downside move that started in October. The pair is however, approaching a strong support at 0.89 and bears will need a strong fundamental and technical support to penetrate this level. Nonetheless, technical indicators on a 4H chart are pointing at a move below
Despite the fact Danish Krone is sold in 70.85% of all cases across the boars, the USD/DKK cross is still depreciating. Moreover, the pair has formed a channel down pattern on November 21 and it seems the downside trend will continue in the nearest future. Though 71.64% of opened positions are long, the pair has been moving sideways
After a failure to prolong the rally that was developed in September and October beyond 0.8544, NZD/USD came under heavy selling pressure that continues to constantly push the price lower. As a result, there is a channel down pattern emerging on the chart that indicates a heightened possibility of a long-term depreciation of the New Zealand Dollar. In the meantime,
USD/SGD confirmed its bullish intentions in the second part of November, when the currency pair respected the 200-period SMA. Since then (already for 150 bars) the exchange rate has been trading between the two rising trend-lines that constitute a bullish channel.Right now the price is approaching the upper boundary of the pattern at 1.2618. There the resistance is expected to
Although the most traded currency couple has been advancing since the early November, it started to shape a double top pattern a month later when it eventually managed to soar above its short-term SMA. Now EUR/USD still is trading above both short-and long-term SMAs despite the fact that it has entered the bearish phase of the pattern and was expected
USD/PLN has been trading lower since mid-November; however, the double bottom pattern was formed later, only in the first days of December. Double bottom patterns usually lead to an accelerating advance of the instrument but this time the climb is delayed as the pair is trapped between its short and long-term SMAs. The 50-hour SMA serves as a strong support
Since the beginning of December, the common currency has been appreciating against the Swedish Krone. The advance, being a part of the double top pattern, was paused after the Euro hit a two-year high versus its Swedish peer. At the moment of writing, the pair was trading between the pattern's support line and the 50-hour SMA. In the hours to
EUR/NZD has been climbing since early December, forming the channel up pattern that now is 139-bar long. Recently, the pair has managed to surpass its short-term SMA thus becoming a subject to a noticeable buying pressure that aided the pair to rebound to a two-day high, close to which it is vacillating now. Meanwhile, technical indicators are sending neutral signals
Trading range of CAD/JPY started to narrow in mid-October, following an unsuccessful attempt of the currency pair to surpass 95.90 and a subsequent recovery from 92.90 (it may become the final target in case of a break-out to the downside). At the moment, however, the currency pair is hovering in proximity to the upper trend-line that creates strong resistance at
The currency pair has commenced a distinct recovery on Nov 8, soon after bottoming out at 10.307. However, we would distinguish only the last 80 bars (after a breach of the 200-period SMA) as the ones forming the channel up pattern.Right now the currency pair is trading just above the lower boundary of the corridor, which implies bullish behaviour of
A 58-bar long triangle pattern was formed by USD/ZAR on December 2. Despite the fact pattern's lower boundary is not horizontal, the triangle can be named as a descending triangle as well, as the level of 10.281 represent strong support. While the pair is still trading in pattern's boundaries, the pair is likely to be highly volatile soon, as
After a 3600-pip movement since late October, USD/NOK currency pair paused and since that time has been trading in a 1600-pip move. Meanwhile, bulls have almost penetrated pattern's resistance on December 12, however, the price pulled back and at the moment of writing the price stood at 6.1441. The short-term outlook for the pair is bearish, as 61% of traders