Since early March, the Canadian Dollar has been tilted upwards against the Swiss Franc but the rally was halted at 0.8363 (a six-month high and upper trend-line of the ascending triangle) that has been acting as an impenetrable ceiling for the last 143 hours. Given that the pair is on the verge of diving below the lower limit of
The summer brought notable changes to gold's trend; in particular, the most traded precious metal managed to swing to gains early June after it touched a four-month low of 1,240.70. Shortly after the advance has started, the bullion entered a bullish corridor that now is almost 200-bar long. Currently, XAU/USD is on the brink of a sharp decline that will
EUR/SEK broke the upper limit of the 143-bar long ascending triangle pattern for two times and in both cases the resistance at 6.7691 (one-year high) was capable to contain the rally and push the pair back inside the formation. At the moment, the instrument is sitting at the 50-hour SMA at 6.7509 that is meandering close to the lower boundary
As CAD/CHF gained a solid foothold above 0.8230, it was able to advance further north and form a bullish channel. Accordingly, the currency pair should soon decouple from the lower trend-line of the pattern and head towards the corridor's upper edge at 0.8440. This idea is also strengthened by the near-term technical indicators.Conversely, if the Canadian Dollar does not manage
CHF/SGD has been trending upwards since the mid-June, when it bottomed out at 1.3850. However, now there appear signs the current rally may soon come to an end, since the currency pair is forming a rising wedge. But it could be argued that CHF/SGD is forming an ascending triangle instead of a reversal pattern. This will be finally determined where
The recent decline below the lower limit of the 123-bar long triangle pattern shaped by USD/NOK may be real breakout capable of sending the pair farther from a four-month high near which it is trading now. The idea that the exit is likely to lead to a massive sell-off is propped up by the SWFX sentiment – more than
Although EUR/AUD was a subject to buying pressure during the last 89 hours, it did not manage to remain for a long time within the boundaries of the channel up pattern started on Jun 20. A few hours earlier, the pair exited the formation and currently is vacillating under the lower trend-line. Now it is a hard time for EUR/AUD to
A jump to a one-year high performed by AUD/CHF provoked a rapid decline that took place inside a downward sloping corridor. Last 89 hours allowed the pair to touch the channel's limits several times; however, recently the upper limit of the tunnel has failed to withstand the test since the currency couple managed to surpass the trend-line and now is
As a result of the U.S. Dollar weakness versus the Russian Ruble that started somewhere in mid-April, the pair formed an 89-bar long triangle that has a strong bearish bias due to a sharp downward slope of the upper boundary. Now the pair is trading near the apex that will be attained later in the day. Taking into account
EUR/JPY has recently broken out of the ascending triangle to the downside. The pair is therefore expected to extend the decline even further south.However, since the cross has already hit the first target, namely the Jun 23 low at 138.29, there might be a bounce back to the rising trend-line and 200-hour SMA at 138.57 before there is another bearish
EUR/PLN might be trading in a narrow (140 pips) but nonetheless distinct negatively-sloped channel, both boundaries of which were confirmed already on many occasions during its short, only 60-hour, life.Right now the currency pair is trading just below the upper trend-line, which is reinforced by the daily pivot point and 200-hour SMA. Accordingly, there is a high possibility of a
A sharp appreciation of the U.S. Dollar versus the Norwegian Krone pushed the pair into a bullish channel that helped USD/NOK to hit a four-month high of 6.1639 on Jun 20. However, a toilsome escalation to this peak enfeebled the pair that was unable to sustain its rally anymore and dived below the lower limit of the formation. Now the
The U.S. Dollar has been losing ground against its South African peer since mid-June when it attained a three-month high of 10.8674. While retreating, USD/ZAR shaped a 92-bar long triangle pattern, the apex of which will be reached later in the day, meaning that the breakout is looming. Meanwhile, traders on the SWFX fail to express a clear opinion about
The upper boundary of an ascending triangle pattern was blocking numerous upswings of CHF/JPY during circa 133 hours. Being unable to surpass this formidable resistance at 114.25, the currency couple chose another way out of the formation – it dived under the lower limit of the triangle and now it trading slightly below the 50-hour SMA at 114.04. Although
We have observed almost a one-month long slide of AUD/NZD that took the instrument from a seven-month high of 1.1037 to a six-week low of 1.0721. Despite a generally bearish tendency that is an integral feature of channel down patterns, market players believe the sell-off was excessive—more than two-thirds of traders hold long positions in the pair—and the pair now
An ascending triangle pattern AUD/JPY has been forming since mid-May has just been breached to the downside. Since the currency pair has already reached the initial target at 95.21, there is a good chance the Aussie is going to re-visit a level of 96 before re-challenging and eventually pushing through the Jun 17 low and 200-period SMA in order to
An unsuccessful attempt to climb over 1.77 in March has entailed emergence of a bearish channel. The pattern is already more than 400 bars long and is likely to become even larger in the future. However, right now EUR/SGD is undergoing an upward correction, which is expected to end as soon as the pair comes into contact with the upper
GBP/JPY has remained distinctly bullish for almost a whole month after bottoming out at 169.50 in May. And, as evidenced by the technical indicators (bearish in the short run and bullish in the long run), the upward momentum is soon to prove its sustainability once again. As a result of a downward correction, the rate is approaching the lower trend-line
Instead of going into a nosedive after numerous attempts to breach the resistance at 0.9010, USD/CHF entered a consolidation phase that appears to be a symmetrical triangle. And while the technical indicators are not helping to determine the direction of a break-out, the currency pair is closing in on the apex of the pattern.Considering the formidability of the resistances lying
Following a brief upward correction in the overall bearish market EUR/AUD started to trade between two parallel falling trend-lines. Accordingly, a current rally from 1.4360 should soon come to an end near 1.4626, a cluster of resistances created by the weekly R2, 200-period SMA and down-trend line. Then the currency couple will be in a good position for another pronounced
A recent bullish wave from 2.0750 encountered a tough resistance level at 2.1560. Since two distinct consecutive attempts of the currency pair to overcome this level failed, there is a high possibility USD/TRY is forming a double top pattern.If this is the case, then the neck-line at 2.1237 is in danger, despite being reinforced by the daily S2 level. In
Right now CHF/JPY is recovering after a plunge seen earlier this month, from 115 down to 113. Considering the pair is currently fluctuating between two parallel trend-lines and it has recently gained a foothold above the 200-hour SMA, the Franc is likely to negate the recent losses eventually. However, judging by the indicators, the pair's prospects are not as bright
Throughout the past week EUR/HKD has been forming a symmetrical triangle, consistently respecting two converging trend-lines. But now the currency pair seems to be ready to exit the boundaries of the pattern by breaking out to the upside.Once the resistance at 10.54 is out of the way, the rate will be expected to target the daily R1 at 10.5557 first,
Having established a tough support near 0.8650, NZD/USD was able to form a bullish channel, meaning the kiwi is expected to keep gaining value against the U.S. Dollar. However, in order for the bullish outlook to remain valid over the coming days, the currency pair should stay afloat above the rising trend-line at 0.8695. Right now this level is reinforced