USD/CHF is in a good position to extend last week's recovery. The currency pair has recently formed a high-quality channel and broken through the long-term SMA to the upside, signalling that the US Dollar is likely to keep appreciating against the Franc. Accordingly, the base scenario is a rebound from 0.9770 and a subsequent up-leg towards the weekly R1 and
A double bottom that has emerged in the 4H chart for the USD/JPY currency pair is looking pretty much similar to the figure created by the previous cross. However, here the bulls are only getting ready to deal with the 200-period moving average line located just above the 113 level. An immediate failure here is not expected, also given that
As the Kiwi/Loonie cross is forming a reversal double bottom pattern, the outlook for the future seems to be quite positive. Despite that, technical indicators on all time frames are mixed and there the no unanimous tendency. The same applies for the SWFX distribution between the long and short open positions, as there is only a marginal advantage among the
AUD/NZD is in a consolidation phase after the February 26-March 9 up-move, and at the moment the outlook is bullish. The currency pair has just confirmed the lower boundary of the slightly ascending channel, meaning we are likely to see the rebound extending up towards 1.1372. The longer-term prospects, however, are not as bright. The rate is closing in on
GBP/JPY finds itself in an equivocal situation. On the one hand, the currency pair is currently forming a falling wedge, a pattern that implies a rally. On the other hand, even if the price manages to jump over the resistance trend-line at 160 yen, long positions would still be highly risky. The reason is a large amount of obstacles that
Two downward-sloping boundaries of the falling wedge pattern are gradually moving closer to each other, meaning the spread is declining. The base case scenario suggests the US Dollar is going to appreciate in the long run, but in the mid-term some bearishness still seems more probable. A formidable resistance is located near 3.90, where the upper edge of the pattern
As regards the EUR/AUD cross, here we are dealing with another triangle pattern, which has not been confirmed yet. Nonetheless, similar to the previously discussed currency pair, the Euro is forecasted to tumble versus the Australian Dollar and test the 1.47 area. This is where the green trend-line is strengthened by the first weekly support. The primary bearish task includes
Being that the triangle pattern has been confirmed by the CAD/CHF currency pair, it's outlook became much more pessimistic and we estimate more losses for the North American peer. There are two distinct demand zones below the spot price (0.7342): one lies just above the 0.73 mark and is represented by daily and weekly S2 supports, while the second is
USD/SEK is well-set to advance further north. Although the pair has been in a down-trend since the beginning of March, it managed to stabilise before hitting October 2015 low and the Greenback is now trading above the 200-hour SMA and within the boundaries of a high-quality ascending channel. The immediate support is at 8.2350/8.2590, while the key zone is 8.2500/8.2475,
While the US Dollar is likely to weaken today, the longer-term prospects are bullish. The currency pair has recently approached the upper boundary of the channel, meaning there is likely to be a sell-off from 1.3720. However, the decline should be short-lived, considering that the price closed above the 200-hour SMA and there is a dense demand area circa 1.3650,
Although the US Dollar has seen a rebound versus the Swiss Franc this week, all bullish hopes are likely to be diminished by the weekly pivot point and, most importantly, the 55-period SMA at 0.9747 and 0.9780, respectively. Additional supply is offered by the cluster of resistances at 0.9855/70 where both 100 and 200-period SMAs are joined by the weekly
Considering that the pair is hovering between two horizontal trend-lines at the moment, there is a high chance that this is a transitory sideways movement before much sharper developments. In particular, we expect the red boundary of the rectangle to be crossed at 1.0045, as the pattern implies a continuation of the uptrend, which had been in place from March
Following a precipitous decline as a result of USD/ZAR testing a multi-month down-trend, the pair is now trading within the boundaries of a triangle. Accordingly, the pattern should be eventually broken to the downside. At the moment, the key support level is 15.22. However, the bearish potential of the pattern, nearly 0.40 rands, may not be fully realised. The reason
The US Dollar is expected to keep appreciating against the Danish Krone. USD/DKK has recently established a well-defined bullish channel after confirming a major support up-trend line at 6.58, meaning the near-term dips are to be limited by the weekly pivot point and the lower boundary of the pattern at 6.6436/21. At the same time, we should be wary of
AUD/SGD pair has just completed another leg down inside the upward channel. It proclaims that the long-term outlook remains bullish, unless the 1.0260 support (placed slightly below the green trend-line) is breached. We are not looking for this scenario to materialize any time soon. Support zone is made of the monthly R1, 100-period SMA and weekly S1. The key watch
Recently the Aussie/Buck currency pair has reached the weekly pivot point at 0.7567, which is successfully containing a selloff of the Australian currency for the moment. Owing to a strong overbought status of the pair in the SWFX market (72% of all positions are long), we are looking for a continuation of the downtrend until, at least, the 0.7515 mark.
Provided that EUR/SEK keeps trading within the boundaries of the channel, the latest rebound from 9.2050 should be capped by the bearish trend-line at 9.3314. There the currency pair should set the course towards 9.1230, namely the lowest level since December 2015, followed by the 2015 low and monthly S2 at 9.06/9.05. Alternatively, should the bulls retain control of
CAD/JPY is currently attempting to establish a bullish channel. However, while there is some upside potential, the currency pair is approaching a major falling resistance line, which is highly unlikely to let the Canadian Dollar to appreciate beyond 87.50 yen. At the same time, the February high and the monthly R1 at 87 yen represent a neck-line of the double
The Euro has got a good opportunity to surge as high as 0.805 against the Pound Sterling. We assume that the cross should use the 200-period SMA as a reliable support to commence a bullish rebound. This line, placed at 0.7780, is backed by shorter-term moving averages on the 55 and 100-period time frames. Daily and weekly technical studies provide
It seems that the Dollar is losing steam against the Turkish Lira, as the currency pair faces a tough resistance represented by the weekly pivot point, daily R1 and 200-hour SMA at 2.88. In case the cross comes back under the daily pivot point along with the 55-hour SMA (2.86), the future outlook is going to worsen substantially. The pair
Considering that GBP/NZD is currently forming a well-defined falling wedge, the upside risks are increasing. However, the bullish break-out is not expected to transpire this month. The Sterling is to bounce off of the resistance trend-line at 2.1350 and then slide towards 2.00. There the pair will meet the long-term trend-line that connects the 2013 and 2015 lows. The test
There is a good chance EUR/JPY will soon rebound, as the currency pair is approaching the lower boundary of the recently established ascending channel. The Euro might find enough demand circa 124.84 to rally through the monthly PP and the 200-period SMA at 125.68 and at 126.12, respectively. The target will then be the upper trend-line of the channel and
GBP/CAD is set for a decline both in the short and long terms. The currency pair has recently broken though a major trend-line that has been guiding the price higher since the beginning of 2013. This line now implies a major supply zone between 1.94 and 1.93, where we also have the monthly pivot point and the 200-period SMA. However,
Should the pair breach two SMAs along with the weekly PP at 1.5280, it will be expected to approach the first monthly support relatively quickly. A slide below 1.51 will reopen the pattern's channel line and the second monthly support at 1.4916/02. If there is a failure to cross the monthly S1, it is going to become a major signal