USD/SEK 1H Chart Emerging Pattern: Channel Down

by Admin

Being that the Channel Up pattern reviewed yesterday was unable to drive the price above the 200-bar SMA, we can expect extension of the current dip until the bearish support line at 6.2433 is reached. However, an overwhelming majority (74%) of market participants remain bullish on the currency pair.


CAD/CHF 1H Chart

Emerging Pattern: Channel Down

During the last 59 hours vertical movement of CAD/CHF was limited to only 50 pips by two parallel falling trend-lines. Technical indicators at the moment are largely giving mixed signals, but the market reckons that the price has bottomed out and is about to start to recover, since 73% of them are holding long positions.


GBP/CAD 1H Chart

Emerging Pattern: Channel Up

For quite a while GBP/CAD had been trading flat, but recently, more precisely 57 bars ago, the Sterling’s price in terms of Canadian dollars started to rise, leading to formation of the Channel Up on a 1H chart. At the moment most of technical studies are in favour of a bullish scenario. On the other hand, a majority (58%) of traders possess bearish sentiments towards the pair.