Patterns: DOLLAR.IDX/USD, GBR.IDX/GBP

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.

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Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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