Dukascopy Bank Team
Dukascopy Bank SA
AUD/CAD 1H Chart: Channel Down
Comment: Since the beginning of September the pair has been trading sideways; however, as it failed to consolidate above the 1.02 mark, the Aussie started gradually losing value against the Canadian Dollar and on 9th of September entered a bearish channel. The formation represents 217-bar long channel down pattern with high quality and magnitude.
Currently, the pair is headed towards the upper boundary of the pattern, since it received a bullish impetus after a drop to the lowest level since February at 0.9743. Nonetheless, both—technical indicators and SWFX numbers, are neutral, thus we are suggesting to watch the movements around the current trading levels and we expect the pair to fall further.
CHF/SGD 4H Chart: Channel Down
Comment: Already, since the beginning of March the Swissy has been depreciating against the Singapore’s Dollar and in early July it entered a bearish channel that now is a 304-bar long.
A few weeks ago the pair approached more than a year low at 1.3443, that has given some impulses for the currency couple to near the pattern’s resistance line around 1.3598. However, CHF/SGD still has not managed to touch the upper trend-line. The main obstacles for that has been the 4H and daily technical indicators that are largely bearish and the SWFX traders’ sentiment that is strongly to the downside (72.16%).
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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