Dukascopy Bank Team
Dukascopy Bank SA
NZD/USD 1H Chart: Falling Wedge
Comment: At the beginning of the week the pair failed to consolidate above the major level at 0.83 and fell below this level, meanwhile forming the falling wedge pattern. Currently, the pair is testing the upper trend-line that is slightly below the 0.82 level; although, to our mind a continuation of the pattern is still possible. The hourly and daily technical indicators are neutral; however, the 4H ones are pointing downwards, thus suggesting that the down-trend will continue. Even likelier the drop seems because of the trend’s narrow range, the pattern’s support level stands at 0.8131, which is just about 50 pips lower from the current market price.
CHF/SGD 4H Chart: Channel Down
Comment: The pair started to form a bearish channel, after it failed to touch the 1.41 mark and currently it is hovering around the monthly S1 at 1.3510. As the pair is trading more or less between the pattern’s support and resistance it is clear that the down-trend will be in effect for some time. And even though an overwhelming majority of the SWFX traders are bullish on the pair, namely 70.09%, the 1.35 level ahead will be a substantial obstacle. However, the technical studies are more to the downside, mixing the overall outlook. Nonetheless, if the pair manages to breach the 1.35 mark then it might prolong its short-term gains.
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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