Dukascopy Bank Team
Dukascopy Bank SA
CHF/JPY 1H Chart: Channel Down
Comment: At the moment CHF/JPY is fluctuating within a bearish channel and the pair is nearing the upper boundary around 113.21. With the shorter term technical indicators pointing upward the pair could approach the down-trend resistance. Although, the general question is whether the resistance will hold the pair in the pattern’s boundaries. We expect the trend to continue, as an overwhelming majority (72.71%) of the traders are bearish on the pair. Therefore, after a brief climb above the major level at 113 the pair is likely to decline towards other major level at 112.
XAU/USD 4H Chart: Channel Up
Comment: We are seeing a signs of a bullish channel on the 4H chart of XAU/USD. The trend started at the middle of May with a decline; however, the peak at the middle of June indicated to a possible Channel Up pattern. The bullion is currently gaining in value, after it approached the lower trend-line at 1,280.64 recently. Also, the technical studies support the scenario where the yellow metal advances, as the daily and weekly technicals point to the north. The market sentiment towards gold is bullish, with a slight majority of the traders expecting it to climb higher. The target level is around the monthly R2 and weekly R3 at 1,367.61/86.
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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