Although the title states that there is an ascending channel pattern, which guides the currency exchange rate, the common European currency is showing signs of an upcoming depreciation against the Norwegian Krona. The reason for that is that the pair has hit the upper trend line of the most dominant descending channel pattern. Due to that the medium term channel
The Swiss Franc is trading in a narrow descending channel against the Singapore Dollar. The currency exchange rate recently passed the 61.80% Fibonacci retracement level, which is located at 1.3992. Due to that the closest strong support level to the currency pair is the lower trend line of a large scale ascending channel near the 1.3640 level together with the
An almost perfect channel up pattern has been spoiled by diminishing lows, but sends the same signal as it did before. NZD/CHF is floating mid-pattern and will most likely target the upper boundary of the pattern after the upper trend-line of the newly-sketched falling wedge is broken at 0.7349. We will look for a hitch at the area, but an
AUD/USD has been changing slopes a lot, but managed to climb out of the under 0.72 pit it had entered in December-January. The pair has now stepped into a channel up pattern on the four-hour chart and is approaching the 0.7749 area which has cut upside potential a few times before, meaning that some trouble might be coming up. The
AUD/JPY followed a half-year senior uptrend on the daily chart, but managed to break underneath and start a retracement. A falling wedge, however, signals that the violation might be a false one due to bullish pressures building up inside the pattern. The next upside target is at 86.73, the crossing between the upper boundary of the rising wedge pattern and
The Kiwi is depreciating against the Japanese Yen simultaneously in two channel down patterns. There are no signs of a short term change in the situation, as the pair is heading for the 23.60% Fibonacci retracement level, which is located at 80.34 level. The Fibonacci retracement level on this pair are measured by connecting the 2016 high and low levels.
The common European currency is in an ascending short term channel against the Polish Zloty. However, the pair is not set to surge, as the upper trend line of the long term descending channel pattern has been recently reached, and the currency exchange rate has bounced off of it. Moreover, this fact hints at the possibility of a new medium
The Australian Dollar is simultaneously trading in two ascending channels against the Swiss Franc. However, that does not necessarily mean that the currency exchange rate is set to surge. Recently the pair reached and bounced off first from the medium size pattern's upper trend line and afterwards did the same against the large scale pattern's resistance line. Due to that
The common European currency continues to trade against the Turkish Lira in a descending channel pattern, which has been analyzed previously. However, recent events demand an update of the analysis. As forecasted before the rate moved down to the 23.60% Fibonacci retracement level at 3.9307 and passed it after being hindered slightly. The situation is repeating itself, as the rate
The Greenback has been surging against the Swiss Franc since the start of February in an ascending channel pattern. However, the surge is at its end, as the currency exchange rate is in a descending channel on a larger scale, and the upper trend line of the channel down pattern has provided enough resistance together with the 23.60% Fibonacci retracement
The Australian Dollar has been trading against the Canadian Dollar in an ascending channel pattern since the end of January, as the pattern guided the currency pair to the 23.60% Fibonacci retracement level, which is located at 1.0147 level. The Fibonacci retracement levels for this pair are measured by connecting the 2016 high and low levels. After reaching the just
CHF/JPY tested 115.18 three times over the last two months and managed to at last abandon the area in a channel down pattern. The pair has, however, now exited the pattern to the downside and a small-scale retracement has been already completed. The rate has entered the cloud resistance and might gain some flatness inside of it while the multitude
CAD/CHF continued the somewhat ranging motion on the large scale, which it had extended for one and a half years. The triangle implies that the pair will continue the short-term uptrend and reach for levels above 0.7693, the upper boundary of the pattern. Upside potential will, however, be cut at 0.7755, a level that has been tested for multiple times
The common European currency trades against the Russian Ruble simultaneously in three different scale descending channel patterns. However, the situation is about to change, as the currency exchange rate recently hit the combined support level of the three channel down patterns. Due to that reason the currency pair is set to reverse its movements in the medium and long term.
The Greenback is trading in an ascending channel pattern against the Norwegian Krona, as the currency exchange rate has formed this medium term pattern in the aftermath of a breakout from the previously active descending channel pattern. Most recently the pair also formed a short term channel up pattern, which represents the rates rebound from the lower trend line of
Risks remained skewed to the downside for EUR/NOK after the pair managed to break the support of the trading range the pair had respected for a while and went on to sketch a channel down pattern below the significant 8.9300 level. The rate is currently attempting to distance itself from the upper boundary of the pattern and has entered a
Following an unsuccessful attack at the one and a half year high of 77.55, which has been tested multiple times during the period and therefore gained a lot of relevance, CAD/CHF slipped to then try and launch another attack with the help of an ascending channel. The pair is currently on its way north and has been having some trouble
The common European currency trades in a descending channel pattern against the Australian Dollar, as the rate approaches the lower trend line of a long term descending channel pattern. The pair is set to meet the lower trend line of the before mentioned pattern during the next week. The main aspect to be analyzed is the point of the reversal
Although the Australian Dollar trades against the Swiss Franc simultaneously in three ascending channel patterns, the currency exchange rate is about to begin a decline. The reason for that is the fact that the pair recently hit the combined resistance of a cluster of levels of significance, which is made up of the upper trend lines of the three patterns.
USD/CAD is sending mixed signals on the daily chart due to two formations with opposite implications. A double top at 1.3578 was established and then broken, but has not let the rate abandon it completely, but rather build up some bullish potential in a falling wedge formation. The wedge was broken to the upside at 1.3099 and we will look
While GBP/AUD appeared to be sketching an ascending triangle pattern on the hourly chart, it went on to post several confirmations of a rising wedge pattern. The pair is now targeting the bottom trend-line o the formation around 1.6215, but will have to under-step 1.6230/25 in order to approach the area. While we expect the rate to make one more
EUR/DKK slipped beneath the two-year low of 7.4332 over the last couple of days, stepping into dangerous territory for bears. The area was tested in December 2016 before and could need a retracement to continue the downfall. The hourly chart, however, shows a channel down pattern, which held strong until now, when highs became lower and a falling wedge spilled
The Singapore Dollar is another of the many currencies, which is scoring gains against the Japanese Yen, as the currency pair is in a medium and short term ascending channels, which are a part of a large scale descent. Recently the pair has already hit the combined resistance of the medium and large scale pattern upper trend lines. The rate
For the past few weeks the Turkish Lira has formed a medium term ascending channel pattern against the Japanese Yen, as the currency exchange rate trades in the border of two larger scale patterns. On a few month time frame the currency pair is also in an ascending channel pattern, which is aimed at the upper trend line of the