CHF/SGD 30M Chart: Channel Up

Dukascopy Bank Team Dukascopy Bank SA

EUR/AUD 4H Chart: Channel Up

Comment: EUR/AUD has formed a well-developed channel pattern on its way up to the 1.4914 which corresponds to the August 2 high. The currency can be expected to bounce off the lower trend-line, just to continue its path northwards. If the pair breaks the aforementioned resistance, it will encounter several intermediate levels, such as the upper Bollinger Band and daily R1 cluster at 1.4920/2, which it will test and in case of a breakout, a rally towards the upper trend-line along with weekly R1 can be expected. Also, technical indicators give out BUY signals on a 4 hour and daily basis, and the SWFX sentiment index shows a majority of traders being short on the currency suggesting it to be oversold.

CHF/SGD 30M Chart: Channel Up

Comment: Bound by an ascending channel pattern, CHF/SGD has just bounced from the bottom trend-line, giving little reason to doubt trend continuation. According to the pattern, the pair will once again rally towards the upper trend-line at 1.4061, however, this might not be the case, as, in addition, a triangle that has been prevailing since last week, implying that the currency might not break the upper trend-line of the triangle at 1.4054, causing the rate to slump back down after the test. While there are strong arguments in favour of the continuation of the prevailing trend, daily indicators fail to give insights into the matter.

Download The Full Trade Pattern Ideas

Author

Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.