Dukascopy Bank Team
Dukascopy Bank SA
CAD/CHF 4H Chart: Breakout could occur
The Canadian Dollar has surged by 109 pips or 1.59% against the Swiss Franc since January 4. The currency pair tested the upper line of an ascending channel pattern at 0.6996 last week.
Currently, the exchange rate is trading near the upper border of the channel pattern and could be set for a breakout.
If the breakout occurs, a surge towards the 0.7050 level could be expected during the following trading sessions.
However, if the ascending channel pattern holds, bearish traders might pressure the currency exchange rate lower this week.
CHF/JPY 4H Chart: Two scenarios likely
The Swiss Franc has surged by 135 pips or 1.16% against the Japanese Yen since the end of December. The currency pair tested the 117.60 level during last week's trading sessions.
The exchange rate is currently trading near the lower boundary of an ascending channel pattern and could be set for a breakout.
If the channel pattern holds, bullish traders are likely to continue to pressure the CHF/JPY pair higher during the following trading sessions.
However, if the breakout occurs, a decline towards the 116.20 area could be expected during next week's trading sessions.
USD/RUB 4H Chart: Downside potential could prevail
Since October, the USD/RUB currency pair has been trading within a falling wedge pattern.
From a theoretical point of view, it is likely that the exchange rate could continue to move within the predetermined pattern until the beginning of February. Then, a breakout north could occur, and the rate could raise to the 80.00 mark.
Meanwhile, note that the currency pair is pressured by the 55-, 100– and 200-period moving averages in the 74.00/75.10 range. Thus, a breakout south could occur, and the pair could decline to the Fibo 50.00% at 68.75.
EUR/RUB 4H Chart: Bears could prevail in market
Since October, the EUR/RUB exchange rate has been trading within a descending channel.
From a theoretical perspective, it is likely that the currency pair could continue to follow the predetermined trend in the medium term. In this case the pair could reach the Fibo 23.60% at 85.94 by the beginning of March.
Meanwhile, note that the exchange rate is pressured by the 55-, 100– and 200-period moving averages in the 90.30/90.70 range. Thus, a breakout south could occur.
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.
Recommended Content
Editors’ Picks
USD/JPY holds near 155.50 after Tokyo CPI inflation eases more than expected
USD/JPY is trading tightly just below the 156.00 handle, hugging multi-year highs as the Yen continues to deflate. The pair is trading into 30-plus year highs, and bullish momentum is targeting all-time record bids beyond 160.00, a price level the pair hasn’t reached since 1990.
AUD/USD stands firm above 0.6500 with markets bracing for Aussie PPI, US inflation
The Aussie Dollar begins Friday’s Asian session on the right foot against the Greenback after posting gains of 0.33% on Thursday. The AUD/USD advance was sponsored by a United States report showing the economy is growing below estimates while inflation picked up.
Gold soars as US economic woes and inflation fears grip investors
Gold prices advanced modestly during Thursday’s North American session, gaining more than 0.5% following the release of crucial economic data from the United States. GDP figures for the first quarter of 2024 missed estimates, increasing speculation that the US Fed could lower borrowing costs.
Ethereum could remain inside key range as Consensys sues SEC over ETH security status
Ethereum appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the US SEC and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
Bank of Japan expected to keep interest rates on hold after landmark hike
The Bank of Japan is set to leave its short-term rate target unchanged in the range between 0% and 0.1% on Friday, following the conclusion of its two-day monetary policy review meeting for April. The BoJ will announce its decision on Friday at around 3:00 GMT.