The single currency has been rallying versus the U.S. Dollar for more than a week; the advance has been developing within the limits of the narrow corridor that at the moment of writing was 98-bar long. Market players are moderately bullish on the pair; 53.13% of them call for an appreciation. Technical indicators suggest that still the pair may experience
A double top pattern formed by GBP/USD on November 25 represents a part of the upward trend the pair followed after it tumbled to a two-month low in mid-November. The pattern is 251-bar long and has both quality and magnitude above average. The pair has already performed two consecutive jumps within the pattern, with the second peak being at a
A sharp retreat that was observable after USD/SEK touched a four-month high in the second part of November allowed the pair to accumulate strength for a rebound. USD/SEK started to recover losses in early December when it commenced a formation of the rising wedge pattern. Now the pair is trading slightly below its daily pivot point at 6.5426 and is
A rise to a seven-month high in the very beginning of December incited a dive below the 50-hour SMA that created a foundation of the rising wedge pattern started on December 3. At the moment of writing, USD/JPY has just come back to the pattern's boundaries thanks to the support provided by the 200-hour SMA that prevented a sharp decline
A 246-bar long channel up was formed by EUR/TRY on November 22. Despite its solid length the pair is still expected to move in pattern's boundaries, and the most likely scenario is first a drop toward pattern's support and even 200-hour SMA, and then further appreciation. The short-term scenario is bearish, as aggregate technical indicators on a hourly chart are
Since November 15 the pair has been trading in the upper part of the channel up pattern. Nevertheless, on December 3 bullish impetus ran out of steam and the pair plunged to pattern's support line. However, together with a 200-period SMA they represent a strong support. At the time being the pair is still likely to resume its rally, as
The past two days EUR/USD has been trading in a narrow range, being contained by two rising trend-lines that are 50 pips away from each other. The upper border of this pattern implies strong resistance at 1.7210, especially considering that it is reinforced by the August high. In the meantime, the lower boundary should not let the price fall beneath
The second part of 2012 the U.S. Dollar was consistently depreciating relative to the Russian Rouble. However, after finding strong support in the face of 29.84 at the beginning of this year, the currency pair was able to commence a robust recovery that still remains topical.Being that recently USD/RUB has successfully tested the lower rising support line and the price
The second part of October signalized the beginning of AUD/SGD the downside move that has led to a formation of the channel down pattern, within which the pair has continued to depreciate. Recently, AUD/SGD managed to recover some its losses as heavy selling pressure abated after a dive to a four-month low. Now the currency couple's moves are blocked not
Having approached more than a five-year high, the U.S. Dollar retreated against the Turkish Lira; however, the weakness appeared to be short-lived as the pair managed to rebound and form a rising wedge pattern that was started on September 19. At the moment of writing, the pattern was 295-bar long and its quality and magnitude were above 80%. In the
Although the beginning of November was remarkable for EUR/AUD as it was the time when the pair commenced an accelerating appreciation, a formation of the rising wedge pattern started only on November 28. According to the SWFX data, the currency pair is likely to prolong the pattern as 72.22% of market players are bullish on the pair. Considering the evidence
Just as in USD/ZAR, the situation on the hourly chart of USD/CHF is also highly uncertain. If the price manages to rally another 20 pips and thus reach the daily pivot point at 0.8940, it will harden the case that the currency pair is trading within the boundaries of the bearish channel. Alternatively, if the value of the U.S. Dollar
A strong rebound from the support at 9.5472 on Sep 19 marked the start of the up-trend that has been developing the past 350 bars. However, it is not yet definite whether the current dip of the pair will extend down to 10.1173, which would imply a channel up pattern and thereby continuation of the up-move, or the price will
USD/SGD has formed a channel up pattern on October 23, and since then the pair has touched both trend lines more than 4 times, making both the upper and lower trend lines worth paying attention to. After fluctuating around pattern's support for 23 bars, the pair moved to the south and at the moment of writing was trading just
A channel up pattern formed by NZD/CAD is just 51 bar long, nevertheless, both quality and magnitude are above the average. On Monday the pair has already reached a new high of 0.8866, previously reached in July 2005, making it difficult for bulls to move further. Nevertheless, technical indicators are supporting the case of further appreciation. At the same time,
In the first half of August of 2012 EUR/AUD bottomed out at 1.16 and since then the currency pair has been trading in an up-trend, which gradually developed into a bullish channel, being that the price has been consistently respecting two rising lines. Considering that the rate has recently bounced off the lower boundary of the pattern, it is expected
EUR/JPY was trading sideways during eight months ended November 6 when the pair commenced an appreciation that allowed the EUR/JPY to shape a narrow channel up pattern. At the moment of writing, the currency pair was faltering close to the upper limit of the pattern and may breach this resistance given that 68.25% of market players are bullish on the
A 284-bar long rising wedge pattern shaped by EUR/DKK was started on November 18. Being trapped by two gradually converging lines, the currency pair was unable to perform large fluctuations and was vacillating near its short- and long-term SMAs. Currently, the pair is trading above both SMAs, albeit slightly; the 50-hour SMA is sticking to the pattern's support and coupled
Between mid-November and the very beginning of December, USD/PLN was trading almost flat, fluctuating near its 50- and 200-hour SMAs. The beginning of December brought changes to the pair's trajectory; in particular, the pair dived below its 200-hour SMA and commenced a decline. The drop was developing inside the channel down pattern-a corridor formed by two downward sloping lines. At
The British Pound has been advancing for more than 200 hours; the climb was performed within the boundaries of a channel up pattern. Recently, the pair has attained a five-year high at 1.7551; a stab to this peak provoked a sharp decline to the pattern's support line, close to which GBP/CAD is trading now. However, a further downside is unlikely
Following an attempt of the currency pair to pierce through 6.7080 on Nov 13 USD/SEK entered a downward-sloping channel and still preserves the bearish momentum.Considering that the currency pair is right at the upper down-trend resistance line, the current rally is expected to be stopped and turned around by 6.5354 (this supply area is strengthened by the daily R1 and
Being unable to sustain a recovery beyond the 200-hour SMA, EUR/CHF commenced a down-trend that persists until now. At the moment the price is probing the lower boundary of the corridor at 1.2236, this support is also reinforced by the daily S2 level. Accordingly, there is a high probability that the currency pair will start a bullish correction, which is
While being contained by the 200-hour SMA from above AUD/USD has formed a bearish channel during the last 80 bars. However, due to the latest news on the U.S. labour market and the associated volatility the currency pair appears to have exited the pattern—it is currently testing the long-term moving average, even though the four-hour and daily technical indicators are
After a deep bearish correction the currency pair experienced in the first half of September USD/TRY managed to revive the up-trend near 1.9364. However, since Sep 19 the trading range has been narrowing, meaning there is a rising wedge pattern being formed on the four-hour chart, which in turn implies an increasing possibility of a strong sell-off, once the lower