Dukascopy Bank Team
Dukascopy Bank SA
DOLLAR.IDX/USD 4H chart: Decline likely to continue
The dollar index, which measures the US Dollar against a basket of major currencies, has declined by 1.20% since last week's trading sessions. The index hit the 90.00 level on February 22.
All things being equal, the exchange rate could continue to edge lower in a descending channel pattern. Sellers are likely to target the 80.00 level during the following trading sessions.
However, the weekly support level at 89.91 could provide support for the DOLLAR.IDX/USD pair in the shorter term.
GBR.IDX/GBP 4H chart: Two scenarios likely
The UK100, which measures the 100 best performing shares from the London Stock Exchange, has declined by 3.24% since last week's trading sessions. The index tested the lower line of an ascending channel pattern at 6550.0 on February 22.
Currently, GBR.IDX/GBP is trading near the bottom border of the channel pattern and could be set for a breakout.
If the breakout occurs, a decline towards the 6400.00 level could be expected during the following trading sessions.
However, if the ascending channel pattern holds, buyers might pressure the 6800.00 area in the nearest future.
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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