Canadian Dollar tried to reverse a downward correction at the moment of writing. Consolidation above the weekly R1 and daily pivot point may provide the CAD/CHF currency pair with bullish impetus to advance back towards the pattern's resistance at 0.7572. Extra supply is represented by the weekly R2 and daily R1 just below 0.76. On the other hand, 74% of
AUD/NZD failed to resume the Apr-Jun rally in summer, and since mid-September it has been trading in a bearish channel. In the long run the exchange rate may slide down to 1.0020 before the price finds strong demand. In the meantime, the near-term outlook is also bearish, as the pair is trading right at the upper trend-line, which is
The bias towards CHF/JPY is bearish. Although the indicators are mixed, the pair has recently formed a downward-sloping channel after breaking through the long-term moving average. The current rally from 121.35 may extend higher, but the gains are to be contained by the falling resistance line and weekly S2 at 122. If this is the case, the next target will
Bulls are facing huge challenges ahead of them. There is willingness to advance in value from the most recent bottom at 2.2434, which is strengthened by the weekly S1. After crossing the weekly pivot point and 55-period SMA at 2.2725, the next resistance will be touched at 2.2847 (100-period SMA). This mark is shortly followed by the monthly S2, weekly
Short term perspectives for the EUR/CAD currency pair are mixed. The common currency is attempting to breach the upper trend line of the bearish pattern, which is guarded by the 200-hour SMA from above. On the other hand, demand is being provided by the weekly pivot point at 1.4622. Other support levels include 55/100-hour SMAs and daily S1 at 1.4580.
USD/JPY failed to sustain recently acquired bullish momentum and bounced off of 121.50. As a result, the pair is now forming a bearish channel, meaning the gains are to be limited by the falling resistance trend-line at 120.70/60, while the target is at the level of 120 yen, where the weekly S1 merges with the 200-hour SMA and the lower
Since the previous time we looked at GBP/JPY, the currency pair has nearly completed the bearish correction, and we prepare for a rally. The present sell-off from 186.36 (monthly R1 and resistance line) should bottom out around 183.50, where the lower boundary of the channel coincides with the monthly pivot point. The target will then be the last month's peak
Five calendar days ago the Euro/Lira cross breached the triangle pattern's lower boundary. Bears have therefore used the opportunity to commence a sell-off of the single European currency. Currently depreciation is capped by the 3.1720 level, which is guarded by the monthly S2 and weekly S1 from below (3.1616/3.1510). Even though a recovery is projected by the long term weekly
AUD/SGD's sideways trading since October 14 resulted in the rectangle pattern, which emerged in one-hour chart for this currency pair. It touched the most recent high at 1.0139 yesterday and now there is time for a correction. The closest demand is represented by the weekly pivot point and 100/200-hour simple moving averages. They are able to delay the downward trend
USD/CAD continues to trade within the boundaries of the upward-sloping channel we spotted yesterday. Since then the currency pair has confirmed the lower trend-line, and it is therefore ready to surpass last week's high at 1.32. Once above this level, there will be very few reasons for the pair not to reach the upper trend-line at 1.3280.Alternatively, if 1.32 stays
The US Dollar has been strengthening across the board lately, and as a result has formed several well-defined bullish channels in different major pairs. In case of USD/SEK, however, the Greenback is currently struggling to overcome resistance at 8.5257, represented by the August 26 high. Accordingly, we expect a sell-off from here, but the losses should be limited by the
There is currently one strong technical level, namely the monthly pivot point, located directly between two trend-lines of the observed pattern. It implies uplifted volatility risks as there is lack of important levels, which may limit the Cable's movements. This scenario will become reality, once the mentioned monthly level is violated at 1.5298. Bearish sentiment should be reinforced by 100/200-period
A recent correction of the US Dollar will be tested at 1.3135/26 in the nearest future. This support is represented by the daily pivot point and 55-hour SMA. A success here should trigger some extra sell-off down to the next major demand at 1.3089/73. This 16-pip narrow range gives a location to four technical levels. Among them, weekly pivot point
Judging by the situation in the weekly chart, the US Dollar is ready to commence a long-term recovery. Right now USD/JPY is trading near a major rising resistance line at 118, which should be able to trigger strong buying. And even though the weekly technicals are against a bullish scenario, meaning we may get closer to the lower trend-line first,
GBP/JPY is currently trading right at the upper boundary of the bullish channel it has been forming since the end of September. Accordingly, while we hold an overall bullish bias, the short-term outlook is negative. The currency pair is likely to be capped by 186.36 (monthly R1 and up-trend), and the present target is the lower trend-line at 183.40, which
GBP/CAD continues to develop a bullish channel despite the 200-period SMA it is currently facing. If the up-trend and weekly PP stay intact, the currency pair will probably be able to surpass last week's high and challenge the upper boundary of the pattern. In the longer term we will then be waiting for a test of the September high.Alternatively, should
In case the common European currency fails to contain losses around the rectangle pattern's lower horizontal trend-line, which is created by the Sep low at 1.1096, we may observe considerable losses occurring in the next few days. The only reliable support on Friday is offered by the monthly S1 at 1.1022, which is followed by monthly S2 at 1.0868. Bearish
As USD/CAD currency pair is currently nearing the lower trend-line of the bullish pattern, it is going to meet a substantial demand area soon. The first support is represented by the daily S1 at 1.3062, followed by the weekly R1, 100-hour SMA and the lower trend-line itself. All of them are placed in the narrow 1.3051/42 range. We expect the
There is a bullish channel emerging in the hourly chart of GBP/JPY. In the short run, however, the pair may face difficulties advancing beyond 186.40, where the rising resistance line merges with the monthly R1. Accordingly, we expect a decline back to 184.20 or possibly to 183.50 before the bulls regain control of the market. A close above 186.40 will
Despite a massive sell-off amid Draghi's press conference yesterday, EUR/TRY managed to stay within the boundaries of the channel. At the moment the currency pair is trading right at the lower trend-line, meaning we should see a rally in the near term. The bullish correction is likely to result in a test of the monthly S1 at 3.2739, but the
We have already spoken about the AUD/CHF currency pair recently and highlighted importance of the 200-period SMA, which is acting as a strong support for the Australian currency. All attempts since Monday failed to send the pair below this line at 0.6912. Inability of doing that again may trigger purchases of the pair in the nearest future. Still, 4H and
Initially it was expected that the GBP/CAD cross could easily bounce back from the pattern's upper trend-line and start heading downwards. However, the upward tendency resumed on Thursday, and now the price is again nearing the boundary at 2.0340. Additional support is coming from the weekly R2 at 2.0278. The idea of growth is only partly shared by daily technical
The bias towards EUR/CAD is bullish. The currency pair has recently broken through the long-term moving average, and a majority of the technical studies is pointing north. However, we would like to see a close above the last week's high to confirm the bullish outlook. The next target would then be the weekly R2 at 1.5020, followed by the weekly
The near-term outlook for EUR/TRY is positive, as the pair is currently trading near the lower trend-line of the bullish channel. Accordingly, we expect a rally from 3.2815 up to 3.3150 during the next few days. However, the longer-term recovery of the European currency is doubtful. The upside is limited by several tough resistances, including the weekly PP, 200-hour SMA