Dukascopy Bank Team
Dukascopy Bank SA
CAD/CHF 1H Chart: Falling Wedge
Comment: Last week the CAD/CHF cross tried to attain the 0.86 level for the second time this month; however, unsuccessfully, after the failure a falling wedge pattern started to form. At the moment, the Loonie is still challenging the upper trend-line, after approaching it yesterday. Unfortunately, the technical indicators do not give any, more or less, clear indications about the pair’s future development. However, our traders are confident that the pair will have a bullish break-out, as 71.31% of them have opened long positions on the pair. In case the daily PP at 0.8452 holds then the down-trend’s resistance line is likely to be tested.
USD/TRY 4H Chart: Rising Wedge
Comment: Having touched the 200-period SMA on 4th of September the pair gained momentum and started to form a rising wedge pattern. Currently, the pair remains in the up-trend and we are not likely to see notable changes to this trend if the 2.21 level remains intact. Moreover, the technical studies are also neutral with slightly more bullish signals, thus suggesting that the pair is likely to hold its positions or even climb higher. Nonetheless, the SWFX traders are not very bullish on the pair, with only a slight majority (53.73%) of them expecting the U.S. Dollar to outperform the Turkish currency.
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.
Recommended Content
Editors’ Picks
EUR/USD clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.