Dukascopy Bank Team
Dukascopy Bank SA
CAD/JPY 1H Chart: Channel Up
Comment: Due to a fairly strong support at the 94 level the pair was able to prolong its longer term advance that started on August 8th. Taking into account that CAD/JPY has formed a bullish channel, it is likely that the Loonie will receive a bearish impetus from the pattern’s resistance. Nonetheless, the technical studies are mostly bullish increasing the possibility of a upwards break-out. However, we are sceptical on that as in the base scenario the break-out should be to the downside and the pair’s sentiment is strengthening that scenario. At the moment of writing a majority (64.36%) of the traders expect the pair to decline.
USD/CHF 4H Chart: Channel Up
Comment: Just recently a bullish channel has formed, as USD/CHF found a bullish momentum slightly above the monthly PP at 0.9018, after a period of consolidation. Today the pair opened near the upper boundary of the pattern; however, it was not able to hold its positions or to reach the resistance level and fell slightly lower. Nevertheless, the shorter term technicals are bullish, thus the upper-trend line should be approached in the near term. Also, the longer term technical indicators are favouring the Greenback. Finally, the pair’s sentiment is slightly bullish, with 55.24% of the traders expecting a further advance.
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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