Dukascopy Bank Team
Dukascopy Bank SA
EUR/GBP 4H Chart: Could edge lower
The common European currency has surged by 1.47% in value against the British Pound since last week's trading sessions. The currency pair tested a resistance cluster at 0.8593 on January 14.
The exchange rate breached a support cluster formed by the 50– and 100– period SMAs and the lower boundary of an ascending channel pattern at 0.8525.
Most likely, the EUR/GBP pair will continue to edge lower during the following trading sessions.
However, a support level formed by the 200– hour simple moving average at 0.8461 could provide support for the currency exchange rate in the shorter term.
USD/CHF 4H Chart: Decline likely to continue
During the past week, the US Dollar has declined by 1.28% in value against the Swiss Franc. The currency pair was pressured down by the 50– and 100– period SMAs.
All things being equal, the exchange rate will likely continue to decline in a descending channel pattern during the following trading sessions. Bearish traders might target the weekly S3 at 0.9574.
However, the USD/CHF exchange rate is expected to make a brief upside movement towards the weekly pivot point and the 100– hour simple moving average at 0.9716 during next week's trading sessions.
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
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.