CAD/CHF is currently in a mild down-trend, after the currency pair topped out at 0.7620 last week. Our multi-week outlook, however, is strongly bullish. The price is closing in on a solid demand area, which is created by the monthly PP, 200-period SMA and the lower bound of the channel. The Loonie is thus set to make a U-turn circa
Confirming the seven-month up-trend support line in mid-July helped EUR/TRY to start a recovery induced by an attempted coup in Turkey. It later on turned into a bullish channel. At the moment however, the currency pair is undergoing a downward correction, but it should not extend beyond 3.3650. After the price stabilises near the lower bound of the channel, the
The common European currency is in a broadening descending wedge pattern against the Canadian Dollar. The currency exchange rate confirmed the patterns upper trend line for the third time on June 19, and at the moment it is fluctuating at the 1.4365 level. Although, the pair has tried to move lower, it is struggling with the support provided by the
The US Dollar recently confirmed a falling wedge pattern against the South African Rand. The pattern started forming in the week following the UK referendum on membership in the European Union. At the moment, the currency exchange rate is in the middle of the pattern at 14.30, as it is moving downwards to the pattern's support line at 14.08. However,
By piercing an important resistance level at 5,430, the gauge of Australian market confirmed its bullish intentions. The positive outlook is further reinforced by the technical indicators, which are pointing upwards in all three relevant time frames. Nevertheless, today the index is likely to be bearish, being that the price has just encountered the upper bound of the pattern. The
It is possible to draw two patterns that suggest different outcomes for CHF/SGD. Considering that the Swiss Franc is overbought and that the pair is trading near the five-week trend-line, however, a rising wedge is more likely than an ascending triangle. We therefore consider the risks to be marginally skewed to the downside. Supply at 1.3770 is expected to push
The Australian Dollar is in a channel up pattern against the Swiss Franc, and at the moment the pair has reached the pattern's lower trend line at 0.7370 for the second time. The currency exchange rate is struggling with a support cluster made up of the before mentioned trend line, 100-period SMA at 0.7362 and the weekly S1 at 0.7380.
The common European currency is in a channel down pattern against the Singapore Dollar since May. However, the currency exchange rate had broken the pattern twice, as the Euro gained and afterwards majorly lost strength against other currencies just before and on the news of the UK voters voting in a referendum to leave the European Union. At the
Considering the pattern emerging in the daily chart of USD/CHF, demand for the Greenback is building up, and the pair is ready to negate some of the earlier 2016 losses. The other studies, however, suggest a different scenario. According to the latest SWFX data, as many a 74% of traders are already long the US Dollar. At the same time,
The bias towards USD/CHF is strongly negative. The main argument is currency pair's proximity to the upper bound of an eight-month descending channel. This is further reinforced by the rising wedge, a pattern that suggests an impending sell-off. Moreover, the US Dollar is heavily overbought—73.5% of open positions are long. The price is thus expected to bounce off of major
The common European currency is in a rising wedge pattern against the Swedish Krona. At the moment, the currency exchange rate is moving upwards, as it bounced off and confirmed for the second time the pattern's lower trend line on July 14. On its way upward, the pair is set to struggle with a cluster of resistance made up of
The New Zealand Dollar has just bounced off the upper trend line at 0.7120 of a descending channel pattern against the US Dollar. At the moment, the pair has moved lower to trade at 0.7112, and it most likely will continue moving lower until it reaches the monthly PP at 0.7069. Afterwards, the pair would move even lower, until it
The Canadian Dollar is set to fall against the Swiss Franc. The currency pair is trading near the apex of the reversal pattern, and once the lower trend-line (currently at 0.7590) is breached, the price will be expected to fall down to the region around 0.7510. The negative bias is also implied by the pair's proximity to the upper bound
USD/SGD failed to push through demand circa 1.34 last month, but the risks remain skewed to the downside. The trend-lines forming the channel are intact, and the US Dollar is still overbought—73% of positions are long. Accordingly, we expect the price to stay under 1.36 and launch another attack on support between 1.34 and 1.33. In case of success, the
GBP/NZD is currently recovering within a channel after dipping as low as 1.7710 last week, the lowest level since 2013. In the near-term perspective, the pattern implies a rebound from 1.86 and towards 1.9250. The lower bound of the channel is currently weak, but the positive outlook is strengthened by the technical studies and the fact that the immediate support
The Pound recently confirmed a channel up pattern against the Australian Dollar, as the currency exchange rate bounced off the pattern's support line early morning on July 14. At the moment, the currency exchange rate is in the middle of the pattern, and most likely it will go up, to confirm the pattern's upper trend line at 1.7663, which the
The Australian Dollar is in an ascending channel pattern against the Japanese Yen, as the currency exchange rate recently confirmed the patter's upper trend line for the second time. The pair bounced off the resistance of the trend line combined with the monthly R1 at 81.54, and it moved lower. However, the AUD/JPY pair met with the weekly R3 at
USD/SGD keeps trading within the boundaries of the bearish channel. Since the last time we looked at the pair, it has confirmed the upper trend-line once again, reinforcing the bearish outlook. Now, we see a ceiling at 1.3530/20, where the red trend-line is strengthened by the monthly pivot point and the long-term moving average. Our target for the end of
The US Dollar is set to increase in value against the Norwegian Krone. The currency pair is currently trading near the apex of the falling wedge, which is a bullish pattern. Accordingly, the upside risks are increased, and if the upper trend-line at 8.3850 is breached, USD/NOK will be well-positioned for a 0.7-0.8% rise up to the resistance area between
The US Dollar is in a falling wedge pattern against the Swedish Krona, as the currency exchange rate has rebounded against the pattern's lower trend line, and it is fluctuating near it around the level of 8.4700. It is possible that the pair will test the lower trend line at 8.4500 once again. However, the pattern's support line is supported
The Pound has formed a rising wedge pattern against the US Dollar, as the currency exchange rate has been rising since Monday, July 11, and the pair confirmed the pattern's support line for the second time on July 14. At the moment, the exchange rate faces the weekly R1 at 1.3268 on its way to the pattern's upper trend line,
The Australian Dollar is set to strengthen relative to its US counterpart. Not only is AUD/USD forming a bullish channel in the hourly chart, but also in the four-hour and daily charts as well. The price is thus expected to confirm support at 76 cents and surpass Tuesday's high. Our short-term target is the upper boundary of the emerging channel
CHF/JPY is well-positioned to advance further north from the current trading levels. In addition to the ubiquitously bullish technical indicators, the currency pair has formed an ascending triangle, a pattern that foreshadows a rally. If resistance at 106.50 is broken, we will expect a rally of about 180 pips (height of the triangle), which means that the target is going
The Canadian Dollar is depreciating against the Japanese Yen in a channel down pattern on the daily chart since April. Both pattern's lines have been confirmed twice during the last three month period. The currency exchange rate, at the moment, is moving ascending at 80.30 towards the upper pattern's trend line at 81.45, which is strengthened by the weekly R2