Dukascopy Bank Team
Dukascopy Bank SA
NZD/CHF 4H Chart: Channel Down
Comment: The New Zealand Dollar is trading against the Swiss Franc simultaneously in the two descending channels. The junior channel began to form right after the RBZN announced the Official Cash Rate, which led to fall of the Kiwi. At the current moment, the currency rate is trading just above the bottom trend line of the dominant channel, which forms a strong support cluster together with the monthly S1 located at the 0.6735 level. Accordingly, the pair most likely will bounce off from it and begin an upward movement to test the weekly S1 at 0.6789. As a result of this surge, the junior channel will be broken.
EUR/GBP 4H Chart: Rising Wedge
Comment: The four-hour chart reveals that the EUR/GBP currency rate is trading in the short-term ascending channel. As a result of gaining a bullish momentum in the middle of last week, the Euro has been outperforming the Pound, clearing itself the way towards the pattern's upper trend line. Due to the support put by the monthly R1 at 0.8567 and weekly R2 at 0.8559, the pair did not manage to resume a movement in the downward direction after bouncing off from the top border of the channel. As a result, the rising wedge began to form. Consequently, in the upcoming days’ fluctuations of the rate should continue to narrow until the price breaks down.
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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