AUD/JPY 1H Chart: Double Bottom

CAD/CHF 1H Chart: Channel Up

Comment: A drop to a three-year low of 0.7806 in mid-March provoked a long-lasting appreciation of the loonie against the Swiss Franc.

However, the bullish trend might have come to an end since the currency couple plunged below the lower limit of the 179-bar long channel up pattern. Now the instrument is sitting at the 200-hour SMA at 0.8360, a strong support zone reinforced by the four-hour S1. If this mark is broken, the currency couple is likely to move down to 0.8357/4 (four-hour S2, S3; daily S1), below which only 0.8342 (daily s2) and 0.8329 (daily S3) are capable of preventing a massive sell-off.

GBP/USD 1H Chart: Channel Up

Comment: Since the beginning of the year, the British Pound has been unremittingly gaining value versus the greenback. This helped the pair to attain 1.7180, the highest level since at least 2009 that lies on the upper trend-line of the bullish tunnel, inside which GBP/USD is vacillating now.

Despite being able to consolidate above the 50-hour SMA at 1.7131 about an hour earlier, the currency couple still is under the risk of halting its winning streak given the disposition of the SMAs. The short-term SMA is approaching the long-term SMA at 1.7118; if the 50-hour SMA dives below the 200-hour SMA, the ‘death cross’ will occur thus putting a notable selling pressure on the instrument.

XAU/USD 1H Chart: Rectangle

Comment: XAU/USD has already confirmed the trend-lines of the 95-bar long rectangle for several times but the recent stab to the pattern’s resistance may not lead to a usual retreat. The pair jumped above this formidable level two hours earlier and considering bullishness on the market – over 71% of all orders are placed to buy the bullion – we may witness an upward exit followed by a further escalation in the hours to come. To make this come true, the pair has to overcome 1,324.33/7.64 (daily R1; four-hour R1, R2) as well as 1,330.33/1.42 (daily R2; four-hour R3) that will open the way towards a three-month high of 1,335.00.

AUD/JPY 1H Chart: Double Bottom

Comment: A double bottom pattern formed by AUD/JPY originated at a three-month high of 96.50 hit early July and has already lasted for 104 hours. Surprisingly, we did not see a breakout a day earlier after the pair managed to penetrate the neck-line at 95.64. The reason is that the pair failed to surpass the 200-hour SMA and was forced to come back to the area beneath the neck-line. However, the instrument is likely to receive a bullish impulse soon taking into account that 84% of traders on the SWFX bet on appreciation of the pair. Notwithstanding this, the pair’s ability to exit the pattern remains questionable as the neck-line is still well-supported by the 200-hour SMA.