Dukascopy Bank Team
Dukascopy Bank SA
XAG/USD 1H Chart: Channel Down
Comment: The outlook on silver is strongly bearish, being that it has recently tested the upper bound of the falling wedge in the weekly chart, though we should be wary of a potential rally, considering the nature of the long-term pattern. During the next few days, the metal is expected to cover the distance between the upper and lower trend-lines that form the short-term channel. Even though the hourly and daily technical indicators are bullish, the price should bounce off of 15.39/36 and fall about 60 cents before there is a notable upward correction. The distribution between the bulls and bears in the SWFX market is in favour of a sell-off, as the precious metal is overbought—74% of open positions are long.
CAD/CHF 4H Chart: Double Top
Comment: CAD/CHF is completing a double top in the middle of the major falling wedge (weekly chart). If the rate manages to close beneath the demand area at 0.7180/57, the pair will be set for a 150-pip decline. The technical studies confirm that this scenario is highly likely. However, there is also a notable support level at 0.7118, represented by the long-term moving average.
In case the bulls overpower their counterparts, the focus will shift to the solid 0.7342/07 supply zone, which is capable of stopping any recovery. As for the sentiment in the SWFX market, the attitude towards CAD/CHF is only slightly bearish—44% of positions are long and 56% are short.
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
AUD/USD hovers around 0.6500 amid light trading, ahead of US GDP
AUD/USD is trading close to 0.6500 in Asian trading on Thursday, lacking a clear directional impetus amid an Anzac Day holiday in Australia. Meanwhile, traders stay cautious due ti risk-aversion and ahead of the key US Q1 GDP release.
USD/JPY finds its highest bids since 1990, near 155.50
USD/JPY keeps breaking into its highest chart territory since June of 1990 early Thursday, testing 155.50 for the first time in 34 years as the Japanese Yen remains vulnerable, despite looming Japanese intervention risks. Focus shifts to Thursday's US GDP report and the BoJ decision on Friday.
Gold price treads water near $2,320, awaits US GDP data
Gold price recovers losses but keeps its range near $2,320 early Thursday. Renewed weakness in the US Dollar and the US Treasury yields allow Gold buyers to breathe a sigh of relief. Gold price stays vulnerable amid Middle East de-escalation, awaiting US Q1 GDP data.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Meta Platforms Earnings: META sinks 10% on lower Q2 revenue guidance Premium
This must be "opposites" week. While Doppelganger Tesla rode horrible misses on Tuesday to a double-digit rally, Meta Platforms produced impressive beats above Wall Street consensus after the close on Wednesday, only to watch the share price collapse by nearly 10%.