Dukascopy Bank Team
Dukascopy Bank SA
GBP/AUD 1H Chart: Broadening Rising Wedge
Comment: After touching the 1.7214 level on the 8th of September GBP/AUD started to form the broadening rising wedge pattern. At today’s opening the pair’s bulls made an attempt to penetrate the upper trend line, which is also represented by the monthly R1 at 1.8085. However, the attempt was unsuccessful and the pair slid lower towards July low at 1.7990. At the mean time, the technical indicators are pointing to the north, suggesting that the current up-trend is likely to continue. Moreover, the traders’ sentiment is also bullish, with 59.88% of the traders favouring the Pound.
CHF/JPY 1H Chart: Channel Up
Comment: At the beginning of September the CHF/JPY cross dropped below 113 mark; however, since then the pair’s bulls have pushed the Swissy higher, forming a bullish channel. If on Friday the bulls tried to breach the upper trend-line around 115 level, then today the pair is nearing the lower boundary. Yet, the pair is currently hovering around the recent month highs, thus a bearish break-out could be expected. Also, the sentiment is strongly bearish, as 74.80% of the SWFX market participants are expecting a decline to occur. If the pattern’s support at 114.48 is breached then a sell-off towards the 114 mark is likely.
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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