Today, the CHF has risen up to the strong resistance level. A bounce back is a very probable scenario.
GBP/CAD targeting lower levels
It seems the GBP/CAD looks forward to resume the bearish bias in the short-term, as it has been correcting the cycle started from May 18th and now, we can expect another leg higher to re-test the Fibonacci level of 50% at 1.7255. Around that area, a pullback could happen in order to go towards the -23.6% Fibo zone at 1.7054. To the upside, a breakout above the 200 SMA should expose the highs from May 18th.
RSI indicator remains in the negative territory, favoring to the bears.
Euro has started the morning with the correction after reaching a 3-weeks low with bearish potential
Technical analysis of the USD/CAD
After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.
AUD/USD that has settled below the 100-day MA in the 0.6840 area. Learn more!
The earnings season in the United States is still on. This means that stocks of the largest American companies will likely make big moves.