Patterns: USD/ILS EUR/HUF

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.

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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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