Patterns: CHF/JPY, CAD/CHF

Dukascopy Bank Team Dukascopy Bank SA

CHF/JPY 4H Chart: Slight upside potential likely

The Swiss Franc made a U-turn from a support level formed by the monthly S1 at 106.90 during last week's trading sessions. As a result, the currency pair has gained about 1.50% in value during this period.

The CHF/JPY exchange rate could aim for September 13 swing high at 109.50 within the following trading sessions. Moreover, the monthly pivot point and the combination of the 100– and 200– period SMAs are providing support for the pair at 108.24.

However, given that the currency exchange rate is currently trading in a downtrend line, bears could have the upper hand in the market within next week's sessions.

CAD/CHF 4H Chart: Bounces off support cluster

Since the beginning of October, the Canadian Dollar has been falling against the Swiss Franc. The currency pair has lost about 1.46% in value during this short period.

However, the CAD/CHF exchange rate bounced off a support cluster at the 0.7427 area during yesterday's trading session. Most likely, bulls could drive the price towards the 0.7560 marks in the shorter term.

The long-term target for the currency exchange rate would be at the upper boundary of an ascending channel pattern at 0.7615.

Although, bulls will have to surpass the weekly R1 at 0.7544 before reaching the given target.

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.