Dukascopy Bank Team
Dukascopy Bank SA
ZAR/JPY 1H Chart: Channel Up
Comment: ZAR/JPY continued its way into areas unconquered since 2015 and managed to show solid bullish potential by confirming an upward sloping channel on the hourly chart. The ultimate target could now lie at 9.203, the resistance of September and October 2015, where supply could take over and lead to a slide. The pair is currently squeezed in between a set of areas and has had some trouble distancing itself from the bottom boundary of the pattern, but a rise above 8.90 should be enough for a surge to extend. In case this successfully happens, the rate should target the upper trend-line of the channel.
USD/NOK 1H Chart: Falling Wedge
Comment: USD/NOK tried to launch a second attack at December 2016 highs, but fell short and set the latest peak at 8.6220, but bounced back to show a 2.5% slip. However, lows have lost volume and led to a falling wedge formation on the hourly chart, which looks mature enough to break immediately and to the upside. Immediate resistance lies at 8.4550, the cluster of the upper boundary and the daily S1 and should lead to tests of 8.4611 and then 8.4691 where we would look for a retracement towards the broken trend-line. The first ground rests at 8.4455, and we do not expect the rate to dip underneath.
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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