Dukascopy Bank Team
Dukascopy Bank SA
USD/ILS 1H Chart: Pair waits bullish confirmation
Upside risks dominated the USD/ILS exchange rate after the pair reversed from the lower boundary of a long-term ascending channel located at 3.5750.
The rate is trading near the upper boundary of a short-term ascending channel. Given that the currency pair is supported by the 55-, 100– and 200-hour SMAs, it is likely that a breakout from the junior channel occurs during the following trading sessions. A potential upside target is the monthly R2 at 3.6986.
By the large, it is expected that the exchange rate continues its increase until the Fibonacci 0.00% at the 3.7270 mark.
EUR/HUF 1H Chart: Slight downside potential
The Hungarian Forint has been appreciating against the Euro after the currency pair reversed from the upper boundary of a medium-term descending channel at 328.42. This movement has been bounded in a short-term ascending channel.
Given that technical indicators still remain bearish in the short run, it is likely that a breakout from the junior channel occurs during the following days. A possible target is the Fibonacci 50.00% retracement at 320.26. This decline, however, should be short-lived, as the pair is located near the oversold territory.
By the large, it is expected that the exchange rate continues its decline until the bottom of the senior-channel line is reached in the 315.00/317.00 area.
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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