Dukascopy Bank Team
Dukascopy Bank SA
CAD/CHF 1H Chart: Falling Wedge
Comment: Last week the CAD/CHF cross tried to attain the 0.86 level for the second time this month; however, unsuccessfully, after the failure a falling wedge pattern started to form. At the moment, the Loonie is still challenging the upper trend-line, after approaching it yesterday. Unfortunately, the technical indicators do not give any, more or less, clear indications about the pair’s future development. However, our traders are confident that the pair will have a bullish break-out, as 71.31% of them have opened long positions on the pair. In case the daily PP at 0.8452 holds then the down-trend’s resistance line is likely to be tested.
USD/TRY 4H Chart: Rising Wedge
Comment: Having touched the 200-period SMA on 4th of September the pair gained momentum and started to form a rising wedge pattern. Currently, the pair remains in the up-trend and we are not likely to see notable changes to this trend if the 2.21 level remains intact. Moreover, the technical studies are also neutral with slightly more bullish signals, thus suggesting that the pair is likely to hold its positions or even climb higher. Nonetheless, the SWFX traders are not very bullish on the pair, with only a slight majority (53.73%) of them expecting the U.S. Dollar to outperform the Turkish currency.
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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