Patterns: USD/CHF NZD/JPY
|USD/CHF 4H Chart: Reconfirms pattern
The USD/CHF chart does not require additional drawing, as the pair has been trading while being influenced by technical indicators and lines, which were drawn already last week.
Namely, the pair has bounced off the resistance of the monthly R1 at 0.9640 and retreated down to the lower trend line of the dominant channel up pattern. The currency exchange rate has once more confirmed the location of the trend line by bouncing off of it.
In regards to the short term future, the pair has passed the 55-period SMA and the weekly PP, near 0.96 mark. This indicates at an upcoming surge back up to the mentioned monthly resistance.
NZD/JPY 4H Chart: Breaking of junior pattern
The New Zealand Dollar has broken the support of the previously drawn too narrow pattern against the Japanese Yen. However, the newly booked high level can be useful.
Our analysts used is as a reference point of the upper trend line of a medium term channel up pattern. The new pattern reveals that the currency exchange rate was facing additional support on Tuesday morning near the 0.78 mark. Moreover, during the next trading sessions, the trend line was set to join and support the monthly R1 near the 0.78.50 level.
Due to these reasons this pair is highly possibly going to soon reverse its direction and resume to surge.
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