Dukascopy Bank Team
Dukascopy Bank SA
XAG/USD 1H Chart: Potential reversal south
Silver has been appreciating gradually against the US Dollar since the pair reversed from the lower boundary of a long-term descending channel located circa 14.10.
As apparent on the chart, the pair has already tested the upper channel line at 14.70. From a theoretical point of view, a reversal south occurs within the following trading sessions. Potential downside target is the Fibonacci 0.00% retracement at 13.95.
However, technical indicators suggest that this move might not be immediate, and the pair could re-test the upper channel line. It is unlikely that a breakout north occurs, as Silver is being pressured by the 55-, 100– and 200-hour SMAs 14.65.
USD/TRY 1H Chart: Potential breakout
The US Dollar has been depreciating against the Turkish Lira since the end of August. This movement has been bounded in a falling wedge.
Technical indicators for the 1W time frame suggest that a breakout north occurs in the nearest future and the currency pair surges towards the Fibonacci 23.60% retracement at 6.2973.
However, this advance might not be immediate as the exchange rate is being pressured by the 200-hour SMA at 5.4656 and the pair could decline to the support cluster formed by the weekly S2 and the monthly S1 near 5.2800.
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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