EUR/JPY 4H Chart: Channel Up

EUR/CHF 1H Chart: Channel Down

Comment: A rise to a one-month high of 1.2415 on September 11 incited a sharp depreciation of the pair that has been vacillating between two downward-sloping lines thus forming a channel down pattern. After bouncing off a one-week low of 1.2341 on September 13, EUR/CHF neared its daily support region at 1.2351, and traders expect the pair to advance further (61% of market players bet on an appreciation of EUR/CHF). On the other hand, the potential for the downside also remains strong, given a recent death cross of short-and long-term SMAs as well as bearishness of the pattern.

EUR/JPY 4H Chart: Channel Up

Comment: After tumbling to a one-month low of 127.97 on August 11, the currency couple commenced to form a channel up pattern that took the pair to a four-month high of 133.41 touched on September 10. Having reached this high, EUR/JPY retreated slightly to trade at its daily pivot point at 132.15 sitting right above the 50-bar SMA. The pair is likely to use its daily pivot point as a prop for an advance to the four-hour resistance zone at 132.34/53 (four-hour R1, R2). A breach through this region may enfeeble the pair, but EUR/JPY may still retain some strength to attempt to overcome the daily resistance at 132.63 (daily R1) that is the last defence against a sharp appreciation of the pair.

CHF/JPY 4H Chart: Channel Up

Comment: CHF/JPY has been gradually appreciating since August 15, when the pair started to shape a channel up pattern. On September 11, the currency couple hit a five-month high of 107.59 that alleviated a buying pressure and forced the pair to descend to the four-hour pivot point at 107.00. Market players are strongly bullish on the pair, with 85.71% of all orders are placed to buy CHF/JPY. If traders’ outlook materializes, the pair will break two important resistance lines lying at 107.09/10 to attain the daily resistance at 107.21. The pair may try to overcome this formidable region to prolong its rally towards the next pitfall at 107.51 (daily R2).

USD/HKD 1H Chart: Descending Triangle

Comment: Despite breaking out from the descending triangle pattern on September 13, USD/HKD did not manage to consolidate above the upper-limit of the pattern and dived below it to trade near 50-hour SMA at 7.7534. The pair is expected is to appreciate in the days to come, given that traders are bullish on the currency couple in 83.33% of cases. To confirm this, USD/HKD has to overcome a strong selling pressure coming from the upper-boundary of the pattern and move to the daily pivot point at 7.7545 that represents the next constraint for an upward move. If the pair breaches this level, it is likely to approach its 200-hour SMA at 7.7551, the level which may thwart a climb of the pair.