AUD/CHF 4H Chart: Channel Up

EUR/CAD 1H Chart: Ascending Triangle

Comment: A jump to a five-year high of 1.5590 in mid-March initiated almost a four-month retreat of EUR/CAD.

Meanwhile, the pair’s volatility has been gradually decreasing since the beginning of July as EUR/CAD managed to enter an ascending triangle pattern. However, more notable fluctuations may come back to the picture since EUR/CAD exited the formation several hours earlier and now is sitting below the lower trend-line but slightly above the 200-hour SMA at 1.4540. Technical indicators suggest the pair is capable of a climb before long but may change its trend in a longer perspective.

USD/HKD 4H Chart: Descending Triangle

Comment: USD/HKD was reluctant to climb after it touched a two-year high of 7.7682 early this year. Since then, the pair has been in the downtrend; however, during the last two months, it managed to slow down the pace of its drop by forming a descending triangle pattern.

At the moment, the instrument is trading not far away from the formation’s support but is likely to move farther from this level considering that over 90% of all positions on the SWFX are long. A confirmation of the traders’ view would be a rise above several important levels, namely 7.7502/4 (four-hour PP, R1; daily PP; 50-hour SMA), 7.507 (daily R2; four-hour R2) and 7.7509 (four-hour R3; daily R3).

EUR/CHF 4H Chart: Channel Down

Comment: Today is the fifth day of EUR/CHF attempting to surpass the upper trend-line of the 189-bar long channel down pattern. Up to now, the pair has been able to leave the pattern’s area for a few times but it did not manage to settle above this significant mark.

Currently, the pair of two European currencies is sitting at the corridor’s ceiling and a breakout is likely given that more than two-thirds of market players on the SWFX are bullish on EUR/CHF. Meanwhile, technical numbers contradict to the SWFX sentiment, sending a ‘sell’ signal for the medium-term.

AUD/CHF 4H Chart: Channel Up

Comment: The Australian Dollar in contrast to the Euro, has been appreciating against the Swiss Franc and now is shaping a channel up pattern that already is more than 200-bar long.

In the following hours, the disposition of the SMAs is likely to determine the pair’s direction. In particular, the short-term SMA dived below the long-term one an hour earlier thus pushing the instrument to the south. Nevertheless, traders continued to support the bullish scenario – over 60% of all orders on the SWFX are to buy the pair.