Dukascopy Bank Team
Dukascopy Bank SA
AUD/NZD 4H Chart: Channel Down
Comment: AUD/NZD failed to resume the Apr-Jun rally in summer, and since mid-September it has been trading in a bearish channel. In the long run the exchange rate may slide down to 1.0020 before the price finds strong demand. In the meantime, the near-term outlook is also bearish, as the pair is trading right at the upper trend-line, which is reinforced by the monthly S2 and weekly PP. Accordingly, we expect the Aussie to retreat from 1.07 and start a notable bullish correction only around 1.04, where the lower boundary of the pattern coincides with the weekly and monthly S3 levels. Meanwhile, the Australian Dollar appears to be overbought, as 71% of open positions are long.
CHF/JPY 1H Chart: Channel Down
Comment: The bias towards CHF/JPY is bearish. Although the indicators are mixed, the pair has recently formed a downward-sloping channel after breaking through the long-term moving average. The current rally from 121.35 may extend higher, but the gains are to be contained by the falling resistance line and weekly S2 at 122. If this is the case, the next target will be the weekly S3 at 120.60, followed by the March low at 120. Conversely, should the price jump over 122 yen, attention will shift to the Oct 28 high at 122.70. Additional significant resistance is at 123.10, represented by the daily R2 and weekly S1. The SWFX market, however, is undecided: 46% of positions are long and 54% are short.
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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