Dukascopy Bank Team
Dukascopy Bank SA
CHF/JPY 1H Chart: Channel Up
Comment: Since Sep 6 CHF/JPY has been in a clear up-trend. The currency pair has been underpinned by the long-term moving average, which allowed it to form a channel up pattern on an hourly chart. However, at the moment the price is descending, since it needs to undergo a correction from a recently attained new high at 109.41 before another up-leg may be started.
Most likely the reversal point will be somewhere between the support levels at 108.12 (lower boundary of the rising corridor plus daily S1) and 107.80/69 (consists of the daily S2 and 200-hour SMA), although technical indicators are still mixed.
EUR/GBP 1H Chart: Channel Up
Comment: Despite the disagreeing technicals, the current set-up on an hourly chart of EUR/GBP is supposedly in favour of a robust rally. Not only the pair has managed to close above the 200-hour SMA (already a bullish signal), but it has also confirmed the major moving average as the current support by rebounding from it yesterday. Moreover, the price action throughout the past 100 bars suggests that the rate is fluctuating between two parallel upward-sloping trend-lines. Right now EUR/GBP is facing the daily pivot point at 0.8423, but eventually is expected to reach the upper edge of the pattern at 0.8491, where the daily R3 lies as well.
NZD/CAD 1H Chart: Channel Up
Comment: Our pattern-finding widget in the platform has captured the most recent 130 hours of NZD/CAD as those composing a bullish channel, but it seems that the trend-lines may be extended even farther into the past, namely until the very end of August, when the present rally was started at a low of 0.8131. This fact only enhances the reliability of the support at 0.8570, with which NZD/CAD is presently struggling. Accordingly, there is a good chance that the New Zealand Dollar will soon resume its tendency to appreciate with respect to the loonie, a scenario also implied by the daily technical indicators.
USD/HKD 1H Chart: Channel Down
Comment: The Hong Kong Dollar has been outperforming its U.S. counterpart since the beginning of September, but during the latest 130 hours this has been happening in a more orderly fashion, namely within two parallel and at the same time declining trend-lines. The upper boundary of this bearish channel is currently at 7.7537. It is unlikely to let the greenback to gain value, especially considering that this resistance is strengthened by the 200-hour SMA. In the meantime, the lower boundary of the pattern, together with the daily S3, creates a formidable support at 7.7522, which, according to the hourly and daily indicators, should be tested in the nearest future.
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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