Dukascopy Bank Team
Dukascopy Bank SA
CHF/JPY 1H Chart: Channel Down
Comment: Since CHF/JPY failed to breach the major level at 117, level unseen since March, it has been on a down-trend; moreover, it formed bearish channel.
However, in the last trading sessions the currency pair is trading near the upper trend-line. For now the resistance levels seem strong enough to hold the pair below the 115 mark. The SWFX market participants are strongly bearish (71.72%) on the pair and they are pretty sure that the pair will continue to depreciate. At the same time the technical indicators are mixed. Nevertheless, we expect the Swissy to weaken towards the weekly S1 at 114.34.
CHF/SGD 4H Chart: Channel Down
Comment: The CHF/SGD cross has been on a down-trend since early March; although, more recently it managed to form a bearish channel that now is 304-bar long.
Since early September, CHF/SGD has not touched the tunnel’s limits, the pair has been swinging in relatively narrow range. Moreover, for a couple of weeks it seems that the pair is targeting the lower trend-line. The technical indicators are also pointing to the downside, strengthening the pair’s bearish intentions. Last but not least the SWFX sentiment, around 70% of the traders believe that the pattern will be breached to the downside, thus the 1.33 level is a short-term target.
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
AUD/USD extends gains due to improved risk appetite
The Australian Dollar maintained its winning streak for the fourth consecutive session on Monday, buoyed by a hawkish sentiment surrounding the Reserve Bank of Australia. This optimism bolsters the strength of the Aussie Dollar, providing support to the AUD/USD pair.
USD/JPY snaps three-day losing streak above 153.50, Yellen counsels caution on currency intervention
The USD/JPY pair snap a three-day losing streak during the Asian trading hours on Monday. The uptick of the pair is bolstered by the modest rebound of the US Dollar and US Treasury Secretary Janet Yellen’s comments on potential Japanese interventions last week.
Gold price rebounds on downbeat NFP data, softer US Dollar
Gold price snaps the two-day losing streak during the Asian session on Monday. The weaker-than-expected US employment reports have boosted the odds of a September rate cut from the US Federal Reserve. This, in turn, has dragged the US Dollar lower and lifted the USD-denominated gold.
Bitcoin Cash could become a Cardano partnerchain as 66% of 11.3K voters say “Aye”
Bitcoin Cash is the current mania in the Cardano ecosystem following a proposal by the network’s executive inviting the public to vote on X, about a possible integration.
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.