After EUR/JPY broke out of the triangle it was forming the first four months of this year, it started fluctuating between two converging trend-lines. This means there is an increasing risk of a break-out to the upside. However, there is a number of strong resistances lying overhead that could halt appreciation of the Euro. The first obstacle stands at 138.72,
As the resistance at 1.56 proved to be too tough for EUR/CAD to breach in March, the currency pair is now trading between two parallel trend-lines. The upper one, together with the weekly R2 level and 200-period SMA, is keeping the price away from 1.47 and the levels beyond. On the other hand, the lower one, at 1.44, appears to
A 10-day long downswing performed by GBP/JPY started early July when the pair touched a seven-month high of 175.37. This has led to formation of the bearish corridor, inside which the pair is trading now. At the moment, SWFX sentiment is bullish – almost two-thirds of market players hold long positions, alluding that an up-trend is likely to lie ahead. The
Since the very beginning of the summer, the U.S. Dollar has been losing value against its Singapore counterpart and early July the pair entered a channel down pattern that now is over 199-bar long. A few days earlier, USD/SGD approached a 10-month low of 1.2396 that gave the currency couple an impulse for a rise the pattern's resistance line. Although the
Throughout the last three months, NZD/USD has been able to appreciate indefatigably and recently has hit a three-year high of 0.8838. In fact, the latest part of the advance represents not a set of chaotic moves but a distinct upside developing between two upward-sloping lines. Currently, the pair is facing mild losses that followed a jump to the recent high. Meanwhile,
A plunge to a three-year low of 0.7805 in mid-March provoked a long-lasting climb of CAD/CHF that now is trading within the boundaries of the 131-bar long channel up pattern. At the moment the currency couple is sitting close to a six-month high of 0.8422 it reached Jul 4 and given that the instrument got a strong bullish momentum after
Franc's inability to pierce through the resistance at 114.71 earlier this month has led to an emergence of a bearish channel on an hourly chart, even though the currency pair has been preserving overall bullish mood since mid-June.Nevertheless, in the short run CHF/JPY is considered to be poised for gains, since the currency pair is presently fluctuating just above the
Because of the support at 169.56 the currency pair was able to prevent Jan-May consolidation turning into a sell-off. Instead the Sterling's bullish momentum seems to be gaining traction at the moment, as evidenced by GBP/JPY forming an upward-sloping channel.However, to confirm its bullish intentions the price will have to bounce off the up-trend support line at 173.25 (reinforced by
The Australian Dollar in contrast to the Euro, has been appreciating against the Swiss Franc and now is shaping a channel up pattern that already is more than 200-bar long. In the following hours, the disposition of the SMAs is likely to determine the pair's direction. In particular, the short-term SMA dived below the long-term one an hour earlier thus pushing
Today is the fifth day of EUR/CHF attempting to surpass the upper trend-line of the 189-bar long channel down pattern. Up to now, the pair has been able to leave the pattern's area for a few times but it did not manage to settle above this significant mark. Currently, the pair of two European currencies is sitting at the corridor's ceiling
USD/HKD was reluctant to climb after it touched a two-year high of 7.7682 early this year. Since then, the pair has been in the downtrend; however, during the last two months, it managed to slow down the pace of its drop by forming a descending triangle pattern. At the moment, the instrument is trading not far away from
A jump to a five-year high of 1.5590 in mid-March initiated almost a four-month retreat of EUR/CAD. Meanwhile, the pair's volatility has been gradually decreasing since the beginning of July as EUR/CAD managed to enter an ascending triangle pattern. However, more notable fluctuations may come back to the picture since EUR/CAD exited the formation several hours earlier and now is
As USD/CHF failed to sustain a rally beyond 0.90, it was forced to enter a down-trend. The subsequently formed bearish channel is almost 150 bars long and is likely to remain topical for a while, since the currency pair has just bounced off the upper edge of the pattern and is currently headed towards 0.8840.The bearish scenario is also confirmed
A double bottom pattern formed by AUD/JPY originated at a three-month high of 96.50 hit early July and has already lasted for 104 hours. Surprisingly, we did not see a breakout a day earlier after the pair managed to penetrate the neck-line at 95.64. The reason is that the pair failed to surpass the 200-hour SMA and was forced to
A drop to a three-year low of 0.7806 in mid-March provoked a long-lasting appreciation of the loonie against the Swiss Franc. However, the bullish trend might have come to an end since the currency couple plunged below the lower limit of the 179-bar long channel up pattern. Now the instrument is sitting at the 200-hour SMA at 0.8360, a strong
XAU/USD has already confirmed the trend-lines of the 95-bar long rectangle for several times but the recent stab to the pattern's resistance may not lead to a usual retreat. The pair jumped above this formidable level two hours earlier and considering bullishness on the market – over 71% of all orders are placed to buy the bullion – we may
Since the beginning of the year, the British Pound has been unremittingly gaining value versus the greenback. This helped the pair to attain 1.7180, the highest level since at least 2009 that lies on the upper trend-line of the bullish tunnel, inside which GBP/USD is vacillating now. Despite being able to consolidate above the 50-hour SMA at 1.7131 about an hour
Since March the bears have been largely in control of the market, leading to an eight-figure decline and appearance of the downward-sloping channel, meaning the long-term outlook is negative. In the short run the Euro is also considered to be bearish, since the currency has recently bounced off the upper down-trend line. At the moment EUR/SGD is facing the support
Because of the support near 113, CHF/JPY did not extend the May sell-off and was able to stabilise near it. Subsequently, the currency pair started to recover, and later on the rally developed into a bullish channel. And while the pattern itself implies a rebound in the nearest future, as the exchange rate has just touched the lower boundary of
The very end of June was a favorable time for the British Pound to start an escalation versus the Japanese Yen and the pair indeed skyrocketed from 172.42 to 175.39 in less than a week ended July 3. However, the rally probably was excessive as the pair was forced to exit the 112-bar long channel up pattern it formed while
The greenback has been tilted upwards against the South African Rand since late June when a stab to a one-month low of 10.5300 spurred a rally that has been developing inside a 137-bar long bullish corridor. Currently, the currency pair is sitting slightly above the 50-hour SMA at 10.7638 that is meandering not far away from the lower trend-line of the
A rebound from a three-year low of 1.5479 performed by EUR/NZD lasted less than one week ended June 30 when the pair embarked upon formation of the falling wedge pattern. However, the downside trend pertaining to the nature of the pattern is likely to end as EUR/NZD seems to have managed to settle above the pattern's resistance. Now The 200-hour
After a plunge to a six-month low of 33.55 late June, the U.S. Dollar commenced an upward move against the Russian Ruble that helped the pair to shape a 215-bar long ascending triangle pattern on the one-hour chart. At the moment, future direction of USD/RUB seems unclear. Market players on the SWFX expect the pair to depreciate in the hours
The market has been largely bearish since March, when USD/CAD was trading just beneath 1.13 and failed to rise above it. Now the currency pair fluctuates beneath 1.07 and seems to be likely to add to the losses. Even though the hourly technical indicators are pointing upwards right now, the U.S. Dollar is expected to stop and make a U-turn