USD/CHF 1H Chart: Rising Wedge
A considerably sharp advance performed by UDS/CHF took the currency pair to the highest level in more than a year at 0.9597. During last two weeks, starting 22nd of September, the instrument embarked upon formation of the 141-bar long rising wedge pattern. However, to continue its bullish trend in the future, the USD/CHF cross has not only to re-approach the recent high but also to breach this level, which is represented by the major level and also the daily R1. The 4H technical studies apply to this scenario, as they point to the north. Moreover, the SWFX market participants also expect the up-trend to continue, as 62.58% of them are bullish on the pair.
USD/NOK 4H Chart: Double Top
USD/NOK started to from a 137-bar long double top pattern on late August, when the pair breached the major level at 6.30. Currently, USD/NOK is sitting at the daily PP at 6.4333 that acts as a reliable support. Although, for double top pattern more common is a bearish break-out. However, for the time being the currency pair is hovering around the top of the pattern. Moreover, the daily and weekly technical indicators are bullish, suggesting that we are not likely to see a decline any time soon. Nonetheless, the SWFX traders' expect a bearish break-out, as a distinct majority (73.12%) of them expect the U.S. Dollar to decline relative to the Norwegian peer.
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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