Dukascopy Bank Team
Dukascopy Bank SA
NZD/USD 1H Chart: Channel Down
Comment: Lately, NZD/USD has been recovering from the decline that took place from July to October. However, more recently the currency pair has formed a 184-bar long bearish channel.
The Kiwi has reached the upper boundary of the pattern, thus the strength the resistance line is tested. However, there still is a increased risk of a bullish break-out. One of the indicators of that are the 4H and daily technical studies that are pointing to the north. The biggest obstacle for the pair has been to breach the psychological level at 0.80; although, that remains the target. Nonetheless, it is possible that the pair will slip towards the 0.79 mark before forming an attack towards 0.80 level.
CHF/JPY 4H Chart: Rising Wedge
Comment: The CHF/JPY cross reached the lowest level this year at 111.24 on 16th of October. However, from that point onwards the pair has managed to reverse at least some of the losses, meanwhile, forming a rising wedge pattern.
For most of the time the currency pair has been hovering around the upper trend-line of the pattern, indicating on its bullish desires. At the same time, a distinct majority of the technical indicators are mixed, while, the weekly ones are neutral. Nevertheless, the majority of the SWFX traders’ disagree with the bullish scenario, as an overwhelming majority of them have opened short positions on the pair, namely 70% of them.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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