CAD/CHF 1H Chart Emerging Pattern: Channel Down

by Admin

CAD/CHF has formed a Channel Down pattern on the 1H chart. The pattern has 66% quality and 100% magnitude in the 172-bar period.

The pattern began on 14th of February when the pair peaked to 0.9236; currently it is trading close to pattern’s resistance at 0.9085. Trading volume seems to be increasing in the length of the pattern. Technical indicators on aggregate point at appreciation of the pair on 1H horizon suggesting we should see at least an attempt to breach the pattern upwards. Long traders could focus on the pattern’s resistance/Bollinger band/daily pivot (R1) at 0.9098/105, 200-bar SMA/daily pivot (R2) at 0.9123/26, 20-day SMA at 0.9139 and daily pivot (R3) at 0.9152.

Technical indicators on aggregate point at depreciation of the pair on 4H horizon suggesting the pair should bounce from the pattern’s resistance. Short traders could focus on the 20-bar SMA/daily pivot (PP) at 0.9083/79, Bollinger band/daily pivot (S1) at 0.9063/59, daily pivot (S2)/recent low at 0.9033/31, daily pivot (S3) at 0.9013 and pattern’s support at 0.8996.

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USD/JPY 1H Chart

Emerging Pattern: Triangle

USD/JPY has formed a Triangle on a 1H chart, as its trading range started to narrow after the price plummeted from 94.14. While technical indicators are giving mixed signals, a notable majority of market participants (71%) are staying bullish, expecting that USD/JPY will not continue the most recent move, but instead will recommence a recovery.

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USD/SGD 1H Chart

Emerging Pattern: Channel Up

USD/SGD has formed a Channel Up on a 1H chart by repeatedly respecting both boundaries of the pattern throughout the last 133 bars. The lower down-trend, however, has been pressured lately by the bears, but managed to withstand, being reinforced by the 200-bar SMA. Meanwhile, traders’ sentiment is strongly bullish towards USD/SGD.

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AUD/CHF 1H Chart

Emerging Pattern: Triangle

AUD/CHF has formed a Triangle on a 1H chart, but is eroding the rising support line, meaning that the bearish wave is likely to be extended in the nearest future. Nonetheless, we may expect a pullback up to 0.9518 after the price encounters 0.9496 prior to that. On the other hand, AUD/CHF is overbought, as 70% of positions on it are long and merely 30% are short.

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