USD/CHF 1H Chart Emerging Pattern: Risinag Wedge

by Admin

USD/CHF has formed a Rising Wedge pattern on the 1H chart. The pattern has 78% quality and 66% magnitude in the 192-bar period.

The pattern began on 4th of February when the pair peaked to 0.9117; currently it is trading at the daily pivot (R1) at 0.9246; the gap between pattern’s support and resistance narrows by 30 pips in 100 bar period. Trading volume seems to be decreasing in the length of the pattern. Technical indicators on aggregate point at appreciation of the pair on 1H and 4H horizons suggesting it should continue following pattern’s, upward sloping, trend. Current market sentiment is strongly bullish as 74% of traders are long on the pair. Long traders could focus on the Bollinger band/daily pivot (R2) at 0.9256/59, 100-day SMA/pattern’s resistance at 0.9268/71 and daily pivot (R3) at 0.92775.

Technical indicators on aggregate point at depreciation of the pair on 1D horizon suggesting it should eventually breach pattern’s support. Short traders could focus on the 20-bar SMA at 0.9234, pattern’s support/daily pivot (PP) at 0.9226/23, Bollinger band at 0.9211 and daily pivots at 0.9204 (S1) and 0.9186 (S2).

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CHF/SGD 1H Chart

Emerging Pattern: Channel Down

CHF/SGD has formed a Channel Down on a 1H chart and is therefore bearish in the long term. In the short run, however, the situation is different, since the currency pair is moving towards the upper declining resistance line at 1.3499 (reinforced by the 200-bar SMA) after it respected the lower edge of the pattern on Feb 14 in the afternoon.

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AUD/SGD 1H Chart

Emerging Pattern: Channel Down

Just recently AUD/SGD started to demonstrate tendency to fluctuate within a falling corridor, having breached the 200-bar SMA. Now the currency pair is returning back to the simple moving average, but is expected fail to overcome it by an overwhelming majority of market participants, 75% of whom are short on the Australian Dollar with respect to its counterpart from Singapore.

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USD/TRY 1H Chart

Emerging Pattern: Triangle

USD/TRY has formed a Triangle on a 1H chart, as its movements were bound by two converging trend-lines for the last 73 bars. SWFX marketplace traders’ sentiment towards the pair is bearish, as the share of short positions is 63%. On the other hand, technical indicators in aggregate are silent and thus do not vouch for any of the scenario.

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