USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
AUD/CHF may fall further
SELL 0.6670; TP1 0.6630; TP2 0.6575; SL 0.6690
Given the global economic and political background, there are all reasons to expect further deterioration in the market’s risk sentiment. In this environment, selling AUD/CHF seems like a good idea. The technical setup is also favorable for short positions. This month, the pair has firstly run into the resistance of the declining 100-day MA at 0.6845 and then slipped below the 50-day MA at 0.6715. An attempt to get above this level which took place yesterday failed. Now the fall below 0.6675 (50% Fibo of August-September advance) will open the way down to 0.6630 and 0.6575, 61.8% and 78.6% Fibo retracements levels respectively.
Last week NZD/USD once again met resistance in the 0.6155 area. As you can see from the chart, this area stopped the pair twice before within the recent month.
It’s worth paying attention to AUD/JPY. The pair has approached the resistance line connecting April and May highs.
Oil prices have been climbing up for a long time. What have stopped them?
There has been some movement in the EUR/USD chart. What's happening?
There was a notable reversal in the stock market on Wednesday. Have you noticed the reversal chart patterns?