Dukascopy Bank Team
Dukascopy Bank SA
XAG/USD 1H Chart: Ascending Triangle
Comment: Led by an ascending triangle, XAG/USD lost volatility to rising upside potential which we expect to be expressed with a close above the 17.82 supply area. Following several confirmations of the bottom trend-line, the pair is attempting the 17.63 level, and we look for it to eventually push through, opening up 17.68 for tests. Two more levels – 17.77 and 17.79 will cause some more distraction on the way, and could extend the surge flatter so that a close above could be accomplished in very late October. With 74% of the SWFX traders buying silver, we have some evidence that the soar could be battled by pressures from the upside pushing the pair towards equilibrium, with downside movements limited by 17.58.
EUR/DKK 1H Chart: Rectangle
Comment: EUR/DKK extended what appears to be an ascending triangle turned rectangle, after the bottom trend-line was broken to sketch a new one at 7.4386 as result of a failed retracement. We expect the pair to maintain the motion north, but the 7.4403/06 area is likely to put up a battle, stealing some of the built up bullish momentum. The current tests of the broken trend-line of the ascending triangle will likely give a push to help EUR/DKK fight 7.4398, the 55-hour SMA. In case, however, the rate takes a short-term dip, 7.4386 will limit movements underneath. An overwhelming majority (72%) of long positions could do exactly that, causing supply pressures to increase due to the pair being overbought.
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.
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