Today, the CHF has risen up to the strong resistance level. A bounce back is a very probable scenario.
Bitcoin (BTC/USD) awaiting for clues to define the trend in the short-term
The Bitcoin again managed to consolidate the price action below the 200-hour moving average and the support offered by the Fibonacci level of 123.6% in 7997 continues to be the pivot for this week. It is to remember that bears continue to dominate the cryptocurrency field in the short term, so we do not rule out the idea of a break in the low of May 18.
However, the Parabolic SAR is beginning to show signs of exhaustion, so it is possible that there is an attempt to resume the upward trend. The MACD indicator still shows bearish potential and the RSI is still in favor of negative territory, which puts the psychological level at 7000 in focus.
What do we expect?
According to our forecasts in the H1 chart, the BTC could attempt to break the support level of 7997, since the path would be clearing to visit the key Fibonacci zone of 161.8% in 7616. However, a rebound in current levels it could lead the cryptocurrency to reach new heights and break the resistance level of 8729, in order to strengthen the uptrend in the short term.
Euro has started the morning with the correction after reaching a 3-weeks low with bearish potential
Technical analysis of the USD/CAD
The earnings season in the United States is still on. This means that stocks of the largest American companies will likely make big moves.
This week EUR/CHF broke below the 100- and 50-day MAs at 1.0966 and 1.0954 respectively.
After EUR/USD broke the 1.1180/1.1070 range to the downside, it has been trading within the short-term downtrend.