Patterns: DOLLAR.IDX/USD, GBR.IDX/GBP
|DOLLAR.IDX/USD 4H chart: Decline likely to continue
The dollar index, which measures the US Dollar against a basket of major currencies, has declined by 1.20% since last week's trading sessions. The index hit the 90.00 level on February 22.
All things being equal, the exchange rate could continue to edge lower in a descending channel pattern. Sellers are likely to target the 80.00 level during the following trading sessions.
However, the weekly support level at 89.91 could provide support for the DOLLAR.IDX/USD pair in the shorter term.
GBR.IDX/GBP 4H chart: Two scenarios likely
The UK100, which measures the 100 best performing shares from the London Stock Exchange, has declined by 3.24% since last week's trading sessions. The index tested the lower line of an ascending channel pattern at 6550.0 on February 22.
Currently, GBR.IDX/GBP is trading near the bottom border of the channel pattern and could be set for a breakout.
If the breakout occurs, a decline towards the 6400.00 level could be expected during the following trading sessions.
However, if the ascending channel pattern holds, buyers might pressure the 6800.00 area in the nearest future.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.