The most traded currency pair is constantly hovering to the downside since beginning of September. However, just recently it managed to bounce from the lower boundary of the bearish channel and is now heading to the upside. The move is supported by slight bullish majority among SWFX traders, more than 53% of whom hold bullish positions on the single currency.
The USD/CHF currency pair has just approached the lower-trend line of the pattern and is preparing to test it in the nearest future. We assume that pair's ability to cross this important support level will determine its future movement. If the level is breached, we can expect the U.S. currency to reach weekly and daily support at 0.9548/47. However, market participants disagree with this opinion, being that 63% of all opened positions
Through the summer months the pair was on a period of consolidation; however, on September USD/ZAR started to appreciate as it received a bullish impetus around the 10.60 level. However, just recently a rising wedge pattern formed. At the moment, the pair is challenging the lower trend-line of the pattern. Moreover, if the daily S1 and 100-period SMA does not halt
At the beginning of October, GBP/AUD failed to approach the major level at 1.87 after a repeated attacks. Moreover, with this recent decline the pair has formed a descending triangle pattern. Currently, the pair has reached the apex of the triangle, thus a break-out is expected at any time. The technical studies are not a great help this time as
Unlike the previous currency pair, the CAD/JPY has only approached the upper boundary of downward-sloping channel, meaning that upcoming hours will decide the future movement of the present currency cross. Judging from short-term technical indicators, the Canadian currency pair will bounce from the upper trend-line and continue trading to the south. Moreover, market participants are confidently convinced in pair's ability
The single currency has just bounced from the upper-boundary of bearish channel and is now depreciating against the Swedish Krona. Concerning high quality and magnitude levels, we can expect the further negative movement to be successful, possibly down to pattern's support at 8.9993, which is reinforced by the major level from above. Technical studies support such course of events to
In the middle of September EUR/JPY reached the highest level since early May; although, the pair was not able to prolong its advance and the pair's bears took control of the market. Currently, the currency pair is trading around the 137 mark, after reaching the upper trend-line a couple of days ago. Even though the pattern's trading range is relatively narrow
After a consolidation around the major level at 1.26, USD/SGD started to form a 276-bar long broadening rising wedge pattern. Recently the U.S. Dollar breached the upper trend-line of the pattern; however, it seems that it is returning to trade in to the boundaries of the pattern. The pair has proved that is not completely ready for a bullish break-out;
Since the last time we looked at EUR/NZD (Sep 15) the currency pair has broken through the 200-day SMA to the upside and reached the upper boundary of the bearish channel. Being that the resistance at 1.64 withstood the buying pressure and forced the price to turn around, the market has confirmed topicality of the pattern. Accordingly, we may assume
Considering that the currency pair at the same time respects two parallel positively-sloping trend-lines, 39.86 may not stay the all-time high for long. We can expect a correction from the current trading levels, but the sell-off should come to an end before or at the support at 38.71, which is created by the two-month up-trend and the monthly pivot point,
The Euro remains bearish—even after losing 14 cents since the beginning of May. Judging by the trend-lines, EUR/USD is trading within the boundaries of the downward channel since the beginning of August, though the lower trend-line was respected by the market even before that. Right now the currency pair is in a good position to undergo a bullish correction, but the
After a period of consolidation in August, CAD/HKD found a strong support around the major level at 1.08 on 4th of September. Since the broadening rising wedge pattern has formed the pair has managed to hit the highest level in around six months. Recently, the pair bounced off the weekly and monthly PPs at 1.1083/88 and now there is a possibility
The CAD/HKD cross failed to breach the 7.12 level at the middle of September, facilitating a formation of bearish channel. Currently, the pair is hovering around the 100-period SMA at 6.9543, after setting a minor high above the psychological level at 7.0130. The majority of the technical studies are suggesting that the current trend is likely to continue, as 1H and
The second currency cross with the Euro, namely EUR/SGD, has already been hovering to the south for a considerable period of time. It formed the bearish channel on a four-hour chart in the end of July. Right now it is trading just above the weekly S1 at 1.6094 and has all opportunities to cross this level in the foreseeable future.Short-term
Yesterday we discussed the present currency pair with a look at four-hour chart, while on hourly one we can observe a formation of a very qualitative triangle pattern. In a couple of hours the single currency is supposed to make a confident move through one of trend-lines. At the moment it is already trading above the 100-hour SMA at 4.1808.
After a bearish correction in the middle of September USD/TRY started to form a broadening rising wedge pattern. Currently, the pair is trading near the lower trend-line of the pattern around the 100-period SMA; daily S1 and weekly R1 at 2.2763/92. These levels, all together, make a strong and reliable support level, thus a bearish break-out seems not likely. However, the
After setting a five year high at 1.7193, just slightly below the major level, the GBP/USD cross started declining. Meanwhile, the pair has formed a broadening falling wedge pattern. At the moment, the currency pair is hovering around the major level at 1.62. Previous minor high was set at 1.6526 and the technical indicators suggest that we are not likely to
Despite the general negative trend inside falling wedge pattern, the single currency has been hovering sideways against Polish currency for past couple of days. It has all opportunities to decline in the foreseeable future, as the pair has just recently bounced from the upper boundary of present pattern. SWFX market traders hold short positions in more than 63% of all
American currency is trading in a distinct up-trend against Danish Krona since Tuesday, September 23. At the moment the Greenback is approaching lower boundary of the channel up. If the pair manages to test this line successfully, we can expect a decline at least down to daily pivot point at 5.8917. Such a development is estimated by majority of market participants, as bears hold 67% of all opened positions. On the other
USD/NOK started to from a 137-bar long double top pattern on late August, when the pair breached the major level at 6.30. Currently, USD/NOK is sitting at the daily PP at 6.4333 that acts as a reliable support. Although, for double top pattern more common is a bearish break-out. However, for the time being the currency pair is hovering around the
A considerably sharp advance performed by UDS/CHF took the currency pair to the highest level in more than a year at 0.9597. During last two weeks, starting 22nd of September, the instrument embarked upon formation of the 141-bar long rising wedge pattern.However, to continue its bullish trend in the future, the USD/CHF cross has not only to re-approach the recent
The present currency cross has been in a decline since the end of July, as it managed to cover 246 bars since that time. During last couple of hours only, the single currency lost around 90 points and is likely to continue hovering to the south. At the moment we do not see any major barriers for the pair to
The Pound/Loonie currency pair formed a rather narrow descending triangle pattern on an hourly chart, while for the time being it is approaching a point of eventual break-out. Historically, they happen to the downside in 64% of all times, and we have already seen the British currency touching the lower-trend line some time ago. We tend to believe in cross's
The CHF/SGD cross has been on a down-trend since early March; although, more recently it managed to form a bearish channel that now is 304-bar long. Since early September, CHF/SGD has not touched the tunnel's limits, the pair has been swinging in relatively narrow range. Moreover, for a couple of weeks it seems that the pair is targeting the lower trend-line.