Dukascopy Bank Team
Dukascopy Bank SA
AUD/CHF 1H Chart: Triangle
Comment: While at first it seemed as if AUD/CHF was forming a bearish channel, later on it turned out to be a triangle pattern.
The currency pair is now ready for the break-out since the triangle’s apex has been reached. Taking into account that since September the market has been more or less bearish there is an increased likelihood of a decline, which could potentially extend towards the daily S1 at 0.8258. However, the majority of the SWFX market participants expect a bullish break-out since as many as 73% of them have opened long positions. In the shorter term technical studies are more to the upside; although, there is no unanimity.
USD/CAD 4H Chart: Channel Up
Comment: Since the pair fell to this year’s lower levels around 1.06 at the beginning of July, the US Dollar has outperformed the Canadian counterpart rather heavily. More recently (at the middle of September) the pair started to form a channel up pattern.
Currently, USD/CAD is sliding towards the lower trend-line that is located around 1.12 level. Nonetheless, to our mind the pattern is likely to remain in effect since the pair seems well-supported around the 1.12 mark by the 100-period SMA and weekly S1. Moreover, the daily and weekly technical studies are largely bullish, as well as a distinct majority (72%) of the SWFX traders’ are long on the pair.
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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