TRENDING:

GBP/USD

XAU/USD

Patterns: EUR/GBP, USD/CHF, EUR/TRY and EUR/CZK

Dukascopy Bank Team Dukascopy Bank SA

EUR/GBP 4h chart: Could edge lower

The common European currency has surged by 3.05% against the British Pound since the beginning of May. The currency pair tested the upper boundary of an ascending channel pattern at 0.8953 on May 18.

As for the near future, the EUR/GBP exchange rate will likely make a brief pullback towards a support cluster formed by the weekly PP and the monthly R1 at the 0.8860 area.

However, technical indicators suggest that the currency exchange rate could continue to trend bullish during the following trading sessions.

USD/CHF 4H chart: Two scenarios likely

The US Dollar has surged by 1.45% against the Swiss Franc since May 1. However, the USD/CHF currency pair has been trading sideways since this week's trading sessions.

Currently, the exchange rate is testing the lower boundary of a dominant ascending channel pattern at 0.9701.

If the dominant channel holds, a surge towards the weekly R2 at 0.9801 could be expected during the following trading sessions.

Though, if the currency exchange rate breaks the dominant ascending channel, bearish traders could aim for the weekly S2 at 0.9620 in the nearest future.

EUR/TRY 1H chart: Bears could prevail

As apparent on the chart, the EUR/TRY currency pair failed to surpass the psychological level at 7.8000. The pair has been trading downwards since the beginning of May.

Given that the exchange rate is pressured by the 55-, 100– and 200-hour moving averages, it is likely that some downside potential could prevail in the market. In this case the rate could gain support from the Fibo 38.20% at 7.0377.

It is unlikely that bulls could prevail in the market, and the currency pair could exceed the psychological level at 8.1000.

EUR/CZK 1H chart: Rising wedge pattern in sight

The EUR/CZK exchange rate has been trading within a rising wedge pattern since the middle of April.

From a theoretical point of view, it is likely that the currency pair could continue to trade upwards within the given pattern until the beginning of June. Then, a breakout south could follow.

Meanwhile, note that the exchange rate is pressured by the 55-, 100– and 200-hour SMAs. Thus, a breakout south could occur sooner. In this case the rate could gain support from the monthly S1 at 26.63.

Author

Dukascopy Bank Team

Dukascopy Bank SA

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

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD clings to small gains near 1.1750

Following a short-lasting correction in the early European session, EUR/USD regains its traction and clings to moderate gains at around 1.1750 on Monday. Nevertheless, the pair's volatility remains low, with investors awaiting this weeks key data releases from the US and the ECB policy announcements.

GBP/USD edges higher toward 1.3400 ahead of US data and BoE

GBP/USD reverses its direction and advances toward 1.3400 following a drop to the 1.3350 area earlier in the day. The US Dollar struggles to gather recovery momentum as markets await Tuesday's Nonfarm Payrolls data, while the Pound Sterling holds steady ahead of the BoE policy announcements later in the week.

Gold holds gains above $4,300 on prospect of further Fed rate cuts

Gold price extends its upside to around $4,305, the highest since October 21, during the early Asian trading hours on Tuesday. The precious metal edges higher on further US Federal Reserve cut bets. The US Nonfarm Payrolls report will take center stage later on Tuesday. Also, the US Retail Sales and Purchasing Managers Index will be published.

Ethereum: BitMine acquires 102,259 ETH as price plunges 5%

Ethereum treasury company BitMine Immersion scaled up its digital asset stash last week after acquiring 102,259 ETH since its last update. The purchase has increased the company's holdings to 3.96 million ETH, worth about $11.82 billion. BitMine aims to accumulate 5% of ETH's circulating supply.

NFP preview: Complex data release will determine if Fed was right to cut rates

The long wait is over, and the Bureau of Labor Statistics in the US will release nonfarm payrolls reports for both November and October at 1330 GMT on Tuesday. The overall NFP figure for October is expected to be -10k, however, it is expected to be influenced by a massive 130k drop in federal department workers.

Solana Price Forecast: SOL consolidates as spot ETF inflows near $1 billion signal institutional dip-buying

Solana (SOL) price hovers above $131 at the time of writing on Monday, nearing the upper boundary of a falling wedge pattern, awaiting a decisive breakout.