Patterns: CAD/CHF, CHF/JPY, EUR/NOK, USD/NOK
|CAD/CHF 4H Chart: Buying signals
The Canadian Dollar has surged by 3.16% against the Swiss Franc since last week's trading sessions. The currency pair bounced off the lower boundary of an ascending channel pattern at 0.7020 on February 15.
As for the near future, the CAD/CHF exchange rate is likely to continue edge higher. Bullish traders could aim at the 0.7400 level during the following trading sessions.
However, the currency exchange rate might make a brief retracement towards an order block at 0.7100 before the end of next week's trading sessions.
CHF/JPY 4H Chart: Breakout occurs
The Swiss Franc has declined by 2.18% against the Japanese Yen since last week's trading sessions. A breakout occurred through the lower boundary of an ascending channel pattern at 117.19 on February 23.
Given that a breakout has occurred, the exchange rate is likely to continue to trend lower during the following trading sessions. The potential target for sellers would be near the 116.00 level.
However, the currency exchange rate could aim for a retest of the 117.19 area in the shorter term.
EUR/NOK 4H Chart: Two scenarios likely
Since the end of January, the EUR/NOK currency pair has been trading within a falling wedge pattern.
From a theoretical point of view, it is likely that the exchange rate could continue to trade downwards within the predetermined pattern in the nearest future. Then, a breakout north could occur, and the rate could target the 10.80 level.
In the meantime, note that the currency pair is pressured by the 100– and 200-period moving averages in the 10.30 area. Thus, a breakout south could occur, and the pair could decline below 10.00.
USD/NOK 4H Chart: Falling wedge pattern in sight
Since the end of December, the USD/NOK exchange rate has been trading within a falling wedge pattern.
From a theoretical perspective, it is likely that the currency pair could continue to follow the predetermined pattern in the medium term. In this case the pair could decline below 8.5000 by the end of April.
In the meantime, note that the exchange rate is pressured by the 55-, 100– and 200-period moving averages in the 8.5000 area. Thus, a breakout south could occur, and the rate could 8.2000/8.3000.
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