AUD/CHF 1H Chart Emerging Pattern: Channel Up

by Admin

EUR/SEK H 4Chart

Emerging Pattern: Channel Down

EUR/SEK has formed a Channel Down pattern on the 4H chart. The pattern has 42% quality and 100% magnitude in the 379-bar period.

The pattern began on 17th of December when the pair peaked to 8.7960; at the moment it is trading at the 200-bar SMA at 8.3753. Trading volume seems to be decreasing in the recent days. Long traders, whom expect that pair will resume moving towards pattern’s resistance, could focus on the daily pivot (R1)/Bollinger band at 8.3993/99 and daily pivots at 8.4255 (R2) and 8.4699 (R3).

Technical indicators on aggregate point at depreciation of the pair on 1W. In addition to this current market sentiment is strongly bullish as 65% have sold the single currency against its Swedish counterpart. Short traders could focus on the 20-day SMA at 8.3550, 20-bar SMA at 8.3419, daily pivot (S1) at 8.3288, Bollinger band at 8.2985, daily pivot (S2) at 8.2845 and daily pivot (S3) at 8.2583.


USD/SGD 1H Chart

Emerging Pattern: Triangle

The price has just broken out of the Triangle it has been trading within during the last 69 trading hours by violating the falling resistance line. The initial target at 1.24 has already been achieved and it appears that USD/SGD is going to aim for 1.2426 further on, a level also implied by the pattern, though we have to be wary of possible dips down to 1.2385 prior to materialisation of the bullish scenario.


CAD/HKD 1H Chart

Emerging Pattern: Rising Wedge

Past 281 hours the currency pair has been oscillating above the up-trend line that was respected on several occasions. However, despite bullish traders’ sentiment and buy signals of technical indicators on 4H and 1D timeframes, CAD/HKD is eroding the rising support line, proving the Rising Wedge as being a reversal pattern. The price is thus likely to target 7.6269 first.


AUD/CHF 1H Chart

Emerging Pattern: Channel Up

Given the currency pair’s current position, the Australian Dollar is likely to outperform the Swiss Franc in the nearest future. First of all, it has been following a Channel Up pattern for the last 293 trading hours. Secondly, its proximity to the bullish trend-line should prompt demand for the Aussie, as the recent downward correction seems to have come to an end.