EUR/NOK 1H Chart: Channel Down

Dukascopy Bank Team Dukascopy Bank SA

CAD/CHF 1H Chart: Channel Up

Comment: Following an unsuccessful attack at the one and a half year high of 77.55, which has been tested multiple times during the period and therefore gained a lot of relevance, CAD/CHF slipped to then try and launch another attack with the help of an ascending channel. The pair is currently on its way north and has been having some trouble accumulating momentum, which has led to a flattish motion. The immediate resistance lies at 0.7697 and will open up 0.7704 for tests before the upper boundary reveals itself around 0.7712. A ground is set just below the current price and strengthened by loads of levels that are unlikely to give access to levels below.

EUR/NOK 1H Chart: Channel Down

Comment: Risks remained skewed to the downside for EUR/NOK after the pair managed to break the support of the trading range the pair had respected for a while and went on to sketch a channel down pattern below the significant 8.9300 level. The rate is currently attempting to distance itself from the upper boundary of the pattern and has entered a cloud with a strong cluster just below at 8.8209 and will ultimately direct supply towards 8.7700, the bottom trendline. Demand at 8.8176, 8.8138 and 8.8020 will cause some hitches and might steal some momentum, which would then lead to a more flattish motion.

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Dukascopy Bank Team

Dukascopy Bank SA

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