Downside target for USD/CAD
USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
EUR/CHF may form a triple top
Trade idea
SELL 1.1335; TP 1.1285; SL 1.1355
For 3 weeks in a row, EUR/CHF tried to close above the resistance line connecting October and February highs and failed. If we study the price action at the daily chart, we’ll see a pattern that resembles a “triple top”. To sell the euro it’s necessary to have the confirmation in the form of the pair going below the 200-day MA at 1.1340. The next levels to watch on the downside will then be 1.1320 (50% Fibo retracement of the March-April advance) and 1.1280 (61.2% retracement). The pair needs to return above 1.14 for bulls to regain strength.
Elizabeth Belugina
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