Downside target for USD/CAD
USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
CHF/JPY has some potential
Trade idea
BUY 109.00; TP1 109.30; TP2 109.60
CHF/JPY formed a “bullish engulfing” pattern on the W1. On the smaller timeframes (D1 and H4), the price action very much resembles an inverted “Head and Shoulders” pattern. To aim for the bullish targets, the pair needs to overcome the resistance in the 108.85/109.00 area (moving averages on D1).
Notice that there’s some bearish divergence on H4, so a move lower seems likely before we see any attempt for higher levels. The return below 108.35 will open the way down to the 108.00 area.
Elizabeth Belugina
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It’s worth paying attention to AUD/JPY. The pair has approached the resistance line connecting April and May highs.
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