Two days ago we have already discussed the CHF/JPY currency pair, when the cross formed a double bottom pattern. Now, it seems that the pair is intending to grow in price, meaning we are already dealing with the rectangle pattern. The bullish development of the Swiss Franc against the Japanese yen is shared by short and medium-term technical studies. Next
On Wednesday, the EUR/JPY currency pair depreciated down to the pattern's support around 134. Therefore, the common currency is forecasted to rebound in the foreseeable future, even though a number of attempts were recently stopped by the 200-hour SMA, currently at 135.21. According to the technical indicators on one-hour and daily time frames, the Euro will gain value in the next
As suggested by the four-hour and daily technical indicators, the outlook on EUR/PLN is currently bullish. However, in the near term the upside is limited by the rising resistance line at 4.14, meaning we need a down-leg for a good buying opportunity to present itself. Meanwhile, we should also recognize that being long is somewhat risky, being that EUR/PLN has
Taking into account the latest fluctuations of USD/TRY, there is supposedly a bearish channel forming on the four-hour chart. The US Dollar might recover in the short run, but the rally is likely to be stopped near 2.66, where the monthly pivot point merges with the down-trend line and 200-period SMA. Then we will look for the exchange rate to
Along with EUR/GBP currency pair, the USD/CHF cross has been hovering inside the boundaries of the bearish channel, only though the pattern's time frame dates back to the first weeks of March. On the contrary, USD/CHF is now undergoing a period of bullish correction, while the pair is successfully moving in the direction of the upper trend-line. With neutral technical
Since the beginning of this week, the common currency has been refusing to move significantly below the upper trend-line of the bearish pattern. Despite that, there is scope for a sharp downward development at the moment. At first, EUR/GBP is required to violate the nearest weekly support line at 0.7069 (weekly S1). Additional momentum should be provided by the 200-hour
Given the current market conditions, the risks are heavily skewed to the downside. The latest gains should be capped by 9.28, where the daily pivot point merges with the falling trend-line. The nearest support is at 9.26, and this level must be broken in order for the currency pair to confirm its intentions to descend deeper, down to 9.2450 (May
While there is a high possibility of a rally in the short run, the general outlook on EUR/TRY is bearish until the April low at 2.78 is reached, since supply at 3.09 did not allow the price to advance further in the first half of May. Over the next few days the Euro is likely to appreciate to 2.90, but
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