Dukascopy Bank Team
Dukascopy Bank SA
AUD/CHF 1H Chart: Channel Up
The Aussie will kick off a recovery versus the Swiss Franc in the nearest future. The cross is still placed in the lower part of the channel up pattern, but it seems that broadly nothing can prevent the pair from appreciating. The closest possible supply is placed within a couple of pips from the spot (0.7450) at 0.7460 represented by the local Monday high and daily R1. Success here will imply a surge to the first weekly resistance at 0.75 where the Aussie's positive performance may pave the way for a growth up to the red boundary of the channel at 0.7548. Meanwhile, there is a decent advantage of bullish (62%) positions over bearish ones (38%). On top of that, technical studies are giving AUD-long signals.
HKD/JPY 4H Chart: Rectangle
As the Hong Kong Dollar is trading within a rectangle pattern, there is a high probability it will be confirmed to the downside by the end of this working week. Downward pressure will grow, as the HKD/JPY pair has been hovering below the 200-period SMA since early February and this moving average will shortly enter the territory of the pattern. More supply is offered by the monthly pivot point and weekly R1 that currently underpin the 200-period SMA from below. After the bears deal with the weekly S1 at 14.4823, the focus will shift to the second weekly support at 14.3031, which is backing the lower edge of the pattern. Meanwhile, HKD is still overbought (70%) in the SWFX market, while technicals are bearish.
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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