Dukascopy Bank Team
Dukascopy Bank SA
CHF/SGD 1H Chart: Triangle
Comment: Through September and October, the CHF/SGD cross has been on a sideways trend; thus it has not lagged that much. However, just recently the currency pair has formed a triangle pattern.
In the next few hours the Swissy will reach the pattern’s apex; therefore, this is a interesting pattern to watch. Now, the technical indicators expect the currency couple to continue its sideways trend. However, for instance the SWFX traders’ have a completely different outlook, as 73% of them have opened short positions on the pair. To our mind, the pair could approach October’s low at 1.3222 if it declines below the major level at 1.33.
GBP/CAD 4H Chart: Falling Wedge
Comment: GBP/CAD has formed a 59-bar long falling wedge pattern, after reaching the highest level since early August at 1.8263 on 20th of October.
Currently, the pair is testing the upper trend-line, which is also underpinned by the 100 and 200-period SMAs around 1.8040. The 4H and weekly technical indicators are pointing the same way as the trend is heading-to the downside. To our mind, it is unlikely that the trend could be broken to the upside due to the strong resistance that the Pound is facing. Therefore, we expect the pair to fall below the psychological level at 1.80 and to target October’s lows around 1.7870, possibly even the 1.78 mark.
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.
Recommended Content
Editors’ Picks
EUR/USD holds below 1.0750 ahead of key US data
EUR/USD trades in a tight range below 1.0750 in the European session on Friday. The US Dollar struggles to gather strength ahead of key PCE Price Index data, the Fed's preferred gauge of inflation, and helps the pair hold its ground.
GBP/USD consolidates above 1.2500, eyes on US PCE data
GBP/USD fluctuates at around 1.2500 in the European session on Friday following the three-day rebound. The PCE inflation data for March will be watched closely by market participants later in the day.
Gold clings to modest daily gains at around $2,350
Gold stays in positive territory at around $2,350 after closing in positive territory on Thursday. The benchmark 10-year US Treasury bond yield edges lower ahead of US PCE Price Index data, allowing XAU/USD to stretch higher.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
US core PCE inflation set to signal firm price pressures as markets delay Federal Reserve rate cut bets
The core PCE Price Index, which excludes volatile food and energy prices, is seen as the more influential measure of inflation in terms of Fed positioning. The index is forecast to rise 0.3% on a monthly basis in March, matching February’s increase.