As we said in the previous week's overview, the Euro is moving upwards against the Swiss franc. The past week allows for a sideways corridor of 1.0714 and 1.0793. It is very important that the indicators are close to the neutral values. This can be traced especially clearly by the histogram, which reached local highs but gradually went down and now is on the zero line. The only important signal that the market gives on this currency pair for the next week is that the current market price is close to the bottom line of the sideways channel. Thus, according to the laws of technical analysis, it is possible to consider variants of upward trade to the upper limit.
New Zealand dollar against the U.S. dollar is still developing in the market stage, where there is no obvious trend and no strong volatility. Nevertheless, the past week resulted in the price strengthening above 0.6585. At the same time, if you look at the indicators, they are close to neutral values and do not show an obvious trend. The only exception is the oscillator. The oscillator shows that the last part of the market is globally regarded as an upward trend, as the main movements occur at the top of the scale. It also coincides with the price position relative to moving averages. Thus, it is possible to trade upwards.
The Euro continues to strengthen its position against the Russian ruble, even though last week the market tested the trend line several times. An important characteristic of the current market segment is the presence of divergence, as the price is looking up, but all indicators are looking down. Taking into account the fact that the market is at local highs, but very far away from the level of moving averages, we can expect a downward movement. We cannot rule out that it will be the same as last week, i.e. in the form of one strong downfall candle with a quick rebound.
Last week, this currency pair tried to form an uptrend and consolidate above 0.6585. As a result, this movement turned out to be false and the price quickly returned to the sideways corridor, the importance of which we have been talking about for several weeks. It is important that despite this movement the indicators are still close to neutral values and do not show any trend dynamics. The only important thing to note is that the oscillator is close to the oversold area, which means that a correction may occur back to the designated level, after which the market should return to the movement in the corridor.
This currency pair is characterized by significant elements of volatility, but at the same time there is no obvious trend. This can be traced on all indicators, which in recent weeks are close to zero or neutral values. However, it is important to note that the price is developing in the area above the moving averages and there were at least 2 cases of moving averages tested during the last 2 weeks, but after that there was an upward movement. This is the only signal that we can use for trading. That is why we are considering upside trading where the limit is at 1.7177.
The New Zealand dollar against the Swiss franc shows attempts to consolidate below the sideways corridor and below 0.6149. At the same time, we can say that the downward movement led to the price fixation below the level of moving averages, which is very important. We also take into account the fact that despite the low indicators of the histogram, there is still a local minimum, which coincides with the minimum, which was last recorded by the market in the area below the specified level. Thus, there is every reason to consider the possibility of descending trade for a long period.
This currency pair in its weekly trading led to consolidation and closing of the downtrend. After that there was a breakthrough of the trend line and a strong and impulse upward movement, during which the level of moving averages was reached. All indicators also look up and show local highs. It is still premature to talk about the presence of an uptrend, because the market has stagnated at the level of moving averages. Therefore, given the fact that the price is at the bottom of the price chart, you can expect a downward movement and trade down.