CAD/JPY 4H Chart: Double Bottom

USD/CHF 1H Chart: Channel Down

Comment: Since mid-January, the U.S. currency has been losing value against the Swiss Franc and in the second half of February the pair entered a bearish formation-channel down pattern. Being tilted downwards, the currency couple has recently touched a two-year low of 0.8756 that sits on the lower boundary of the tunnel.

At the moment, the instrument is again in the down-trend after a short-lived rebound from the recent low. Meanwhile, market players are relatively optimistic about the pair, being bullish in 65% of cases. Technical data gainsays traders’ expectations, sending a strong ‘sell’ signal for medium term.

NZD/USD 1H Chart: Channel Up

Comment: A retreat to a six-month low of 0.8053 early February provoked a climb of the New Zealand Dollar versus its U.S. counterpart. However, a formation of the bullish tunnel that now is 123-bar long commenced only in the very end of February when the pair increased the pace of its appreciation.

Now NZD/USD is succumbing to a selling pressure that is pushing the pair to the brink of a breakout. In fact, the currency couple is already trading below the lower limit and considering that more than 70% of traders are bearish on the pair, we may expect the bearish breakout to happen before long.

CAD/JPY 4H Chart: Double Bottom

Comment: After hitting a seven-month high of 99.24, CAD/JPY performed a sharp slump to a two-year low of 90.83, then the pair appreciated slightly but shortly after it again was in the down-trend, thus forming a double bottom pattern.

Currently the pair is moving down after an unsuccessful attempt to penetrate the neck-line at 93.73, which represents the chief hindrance for a rally usually seen after a breakout of the double bottom pattern. Meanwhile, about two thirds of traders are bearish, meaning that the breakout is not likely to occur in the hours to come.

EUR/CAD 4H Chart: Channel Up

Comment: Since the very beginning of the year, the single European currency has been on the rise versus the Canadian Dollar. In mid-January, the pair started to shape a channel up pattern that took the currency couple to a four-year high of 1.5443. The pair now is vacillating slightly above this mark and above the pattern’s resistance, adding to signs that a sharp rally may lie ahead. The SWFX data mostly bolsters the bullish view, showing that 54% of all orders are placed to buy the pair. Technical indicator also are pointing to a rally in the short, medium and long terms.