USD/JPY 1H Chart: Channel Up

CAD/CHF 1H Chart: Triangle

Comment: The triangle pattern started on August 15, when the pair reached almost a one-month high of 0.9085. The pair had been bouncing off the pattern’s boundaries until it finally broke through the lower limit of the pattern on September 11 that is likely to be a starting point for an accelerating depreciation of the currency couple.

The pair is trading below its daily pivot point at 0.9023 but above its four-hour support line at 0.9003. The pair is likely to cross this support and move to the next support zone at 0.8997 (daily S1). The bearish scenario is also supported by traders, as about 54% of them bet on depreciation of the pair.

USD/HKD 1H Chart: Channel Down

Comment: USD/HKD surpassed its short-and long-term SMAs on September 5 and started a gradual retreat, fluctuating in a narrow corridor of two downward-sloping lines. On September 10, 50-hour SMA fell below 200-hour SMA creating a death cross that resulted in the pair’s decline to almost a two-week low of 7.7540. After hitting this low, USD/HKD slightly advanced to trade close to the support region at 7.7541 (daily S1; four-hour S1), but a further climb seems unlikely.

At the same time, technical indicators are sending mixed signals, predicting a jump in the short-term and a decline in the medium-term.

USD/JPY 1H Chart: Channel Up

Comment: On August 30, a golden cross was observable on the USD/JPY one-hour chart that was a start to the channel up pattern. At the moment, short-and long-term SMAs are meandering above USD/JPY that is struggling to remain above its four-hour support at 97.37 (four-hour S1). The pair is not likely to fall under this important support zone and may reverse its direction to the north to the 200-hour SMA, as market players are mostly bullish on the pair. However, a short-term decline also remains a possibility as technical indicators are bearish in the short-run. However, in the longer-term, the pair is expected to see a sharp advance.

EUR/DKK 1H Chart: Channel Down

Comment: The channel down pattern formed by EUR/DKK pushed the pair below its short-and long-term SMAs to trade near the four-hour support line at 7.4584. Despite signs that a further decline is highly possible, traders are optimistic about the pair. The SWFX data shows 60% of market participants are bullish on EUR/DKK. To confirm the bullish outlook, the currency couple has to jump from the four-hour support region at 7.458 (four-hour S3) to attempt to surpass the level of 7.4585 that now acts as a strong resistance. After that the pair may try to approach its daily pivot point at 7.4587 that is likely to give EUR/DKK an impulse for further appreciation.