Moving along the lines of a channel pattern, EUR/CHF entered a downtrend with short-term downside potential until 1.0734 which would then make levels underneath unattractive, sending the pair on yet another motion up. We will be watching 1.0804, 1.0738 and 1.0780 which will lead the pair to levels unseen since the Brexit vote and August 2015 before that. In case
A symmetrical and ascending triangle combination suggests a long-term surge for AUD/USD, setting eyes on 0.7652 as the first level on the current wave down. Most recent movements have, however, arguably taken the form of a channel down or falling wedge and considering the other patterns, we would lean towards a wedge, which confirms the bullish signal of other patterns.
The Canadian Dollar is depreciating against the Swiss Franc in a descending channel pattern, as the currency exchange rate just recently broke through the support of a large scale descending channel. Moreover, the large scale channel's lower trend line was supported by the 23.60% Fibonacci retracement. The Fibonacci retracement levels, which have shown the possibility to affect the currency pair's
The Turkish Lira recently reached the combined resistance of a large scale descending wedge's resistance line and the 200-day period SMA against the Japanese Yen. Afterwards, the currency exchange rate bounced off the combined resistance and moved lower. In the following decline of the currency pair a short term falling wedge formed. However, it is clear that the short term
Elevated from October lows, EUR/TRY contained itself neatly into an ascending channel, pushing through annual and larger-scale resistances. Currently attempting 3.4779, a level unseen since 2015, the rate is threatening to close in an all-time high area. We would expect some more tests of the significant area, meaning that the channel could break if the pair is not ready to
EUR/NOK sellers built up some momentum, as highs became lower in a rising wedge. While it appeared that the pair might turn the wedge into a channel up pattern, the recent wave lost amplitude on the upside, causing a premature slip targeting the bottom trend-line at 9.0648. Although it might be a case where the pair tests 9.0856, the
The US Dollar was surging in an excellent, short range ascending channel pattern against the Chinese Yuan, as analyzed by the Dukascopy team. However, that was before the US presidential elections and their intrigues began to influence the strength of the US Dollar, as investors began to dump the Greenback in favor of other safe investments like the bullion or
Although the Pound is fully being dictated by the events connected with the Brexit and UK politics, there still exist patterns, in accordance with which the EUR/GBP rate fluctuates. Just recently the currency exchange rate broke out of a short term ascending channel pattern, which was expected to occur sooner or later. However, the catalyst for this move was a
Indifferent between a channel or triangle pattern, AUD/USD entered a downtrend, signalling an extension over the nearest future. On the day south, the pair will come across 0.7656, the 55-hour SMA, which could flatten the motion towards 0.7645, the bottom trend-line of the triangle. Major supply is likely to cut the losses at 0.7630 for a retracement of the broken
Gold inevitably surged due to the approaching US election, as investors expressed the uncertainty that has been prevailing in markets recently. A monthly high of 1306.97 sent the pair packing to continue its way between the channel lines, possibly setting 1295.56 as the next target. This is not, however, carved in stone - while the channel has not experienced any
As the Aussie trades against other currencies in a triangle pattern on a larger scale, the EUR/AUD exchange rate is an interesting and quite unclear case. A few weeks ago the rate seemed to have broken out of the descending triangle pattern. However, the rate rebounded on October 26 due to fundamental data, as the US election shook the markets,
The Australian Dollar recently surged against the Japanese Yen in an ascending channel pattern. At the same time the currency exchange rate is also trading in accordance with a symmetrical triangle pattern, which has been forming since June. Although, the triangle's resistance line is also a downtrend, which has provided resistance to the pair since 2014, and the line was
Following a downward break out of the rising wedge, NZD/JPY acted conventionally by executing a retracement towards the broken trend-line. An extended downtrend would come across some resistance at 74.58/48 – the Ichimoku cloud- with more prominent supply at 74.44/37 and 74.15 more to the south. With 73% of traders shorting the pair, there is still possibility for a return
USD/DKK stepped down from the eight-month high at 6.8537, adding an upside restriction to the downtrend to form a channel a week ago. The pair is showing trouble with the current wave up and is still sticking to the bottom boundary at 6.7231. A move to the upside will be capped by the 6.7500 area and several intermediate resistances are
As most exotic currency exchange rates the GBP/CHF is simultaneously trading in three patterns. In the case of the Pound against the Swiss Franc, all of these patterns are channels. First of all there is the minor descending channel, which represents the rates move from the medium term pattern's resistance to its support line. The medium term pattern revealed itself
The US Dollar recently reached the lower trend line of an ascending channel against the Swedish Krona. In addition, this move is consistent with the larger scale ascending channel, as the currency exchange rate bounced off its resistance last week. It also has to be mentioned that the large scale ascending channel is represents a breakout from a massive descending
NZD/USD took up some volatility to form a symmetrical triangle just to lose it again as the bounds became distinctly narrow. Currently targeting the upper trend-line at 0.7199, the pair is likely to weigh on the bottom boundry at 0.7157 on the following wave, and we will look for the level to break. The dip will be likely cut by
Following the "Flash Crash" of October 6, the Pound did not truely recover, and maintained the gloomy themes in a descending channel. GBP/USD just tapped the upper trend-line of the triangle at 1.2248 and is currently being squeezed against it by the 200-hour SMA at 1.2213. With several other SMAs collectively working against the dive, the pair will face some
The US Dollar recently has been depreciating against the Polish Zloty in a descending channel pattern. The channel has formed itself, as the currency exchange rate attempted to break out of a large scale triangle pattern, as for the whole year of 2016 the pair has been trading in a triangle pattern. Moreover, the channel and the triangle actually share
The common European currency rebounded against the larger descending channel pattern's lower trend line against the Russian Ruble on October 25. In the aftermath of the rebound an ascending channel. Moreover, a significant role in the direction of the rates movements is being played by the Fibonacci retracements, which connect the 2015 low level and the high level of 2016.
A flattish channel up has been running the trend for EUR/CAD since April, and is currently on its way towards the upper trend-line of the pattern at 1.4952. With various SMAs and a cloud below lifting the pair up, it is likely to reach the trend-line with ease, with a single obstacle at 1.4881. In case bullish momentum beats closest
Sticking to the bottom trend-line of the almost two-week wedge, NZD/CHF shows little doubt of a bear-trend, at least as high as 0.7089 – the upper trend-line of the wedge. The rate will have to battle 0.7073 and 0.7081 before the trend-line is attempted, and a close above would shift risk to 0.7098/99 or 0.7107/08 which would then leave little
While an attempt at reversing the previous downtrend failed on the fifth wave, USD/NZD went on to repeat the motion, forming a double bottom at 0.7118 with a neckline at 0.7182. A close above this level would confirm a change of trend and set the next major target at 0.7247 where October 20 highs lay – a scenario quite likely
The Hong Kong Dollar is another currency, which has reversed its direction against the Japanese Yen, as the currency exchange rate broke out of the long term descending channel pattern and has formed an ascending channel. Most recently the currency pair broke the resistance put up by the 23.60% Fibonacci retracement, which connects the 2016 low level with the 2015