USD/CHF 4H Chart: Potential target at 0.9250
The US Dollar has been declining in a descending channel pattern against the Swiss Franc since the last three months. The currency pair hit a five-year low at 0.9050 on August 5.
The exchange rate bounced off from the bottom border of the descending channel last week. Most likely, the USD/CHF pair could target the upper line of the channel pattern at 0.9250 during the following trading sessions.
However, the 100– period simple moving average at 0.9201 could provide resistance for the currency exchange rate in the shorter term.
EUR/GBP 4H Chart: Decline likely to continue
The common European currency has declined by 1.76% against the British Pound since July 27. The currency pair is currently trading in a narrow descending channel pattern.
Most likely, the exchange rate could continue to edge lower in the descending channel within this week's trading sessions. The potential target will be at the 0.8911 level.
However, the weekly support level at 0.8946 could provide support for the EUR/GBP currency exchange rate in the short-term.
CHF/SGD 4H Chart: Ascending channel in sight
The CHF/SGD currency pair has been trading upwards within an ascending channel since the middle of July.
From a theoretical point of view, it is likely that the exchange rate could continue to extend gains within the given channel in the medium term.
Meanwhile, note that the rate would have to surpass the Fibo 100.00% at 1.5109. If the given level holds, it is likely that a reversal south could occur, and the currency pair could target the psychological level at 1.4700.
NZD/CHF 4H Chart: Short-term decline expected
The NZD/CHF exchange rate has been declining within a descending channel since the end of July.
From a theoretical perspective, it is likely that the currency pair could continue to trade downwards within the given channel in the medium term. Note that the pair could gain support from the monthly S1 and S2, located at 0.5996 and 0.5932 respectively.
In the meantime, it is unlikely that bulls could prevail in the market, and the exchange rate could exceed the Fibo 50.00% at 0.6246.
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 trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD remains depressed below 1.0800, as traders lack directional impetus amid minimal volatility and thin liquidity on Good Friday. The pair keenly awaits the US PCE inflation data and Fed Chair Powell's speech for fresh hints on next week's price action.
GBP/USD holds steady above 1.2600 as markets stay calm on Good Friday
GBP/USD trades sideways above 1.2600 amid a typical Good Friday trading lull. A broadly firmer US Dollar could keep any upside attempts limited in the pair ahead of the US PCE inflation data and Fed Chair Powell's appearance.
Gold ends Q1 2024 at record highs, what’s next?
Gold is sitting at an all-time high of $2,236, lacking a trading impetus amid holiday-thinned conditions on Good Friday. Most major world markets, including the United States are closed in observance of Holy Friday, leaving volatility around Gold price highly subdued.
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple price has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days.
US core PCE inflation set to ease in February on month as Federal Reserve rate cut bets for June mount
The core Personal Consumption Expenditures Price Index is set to rise 0.3% MoM and 2.8% YoY in February. The revised Summary of Projections showed that policymakers upwardly revised end-2024 core PCE forecast to 2.6% from 2.4%.