Downside target for USD/CAD
USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
GBP/CHF is testing the downside
Trade idea
SELL 1.2160; TP1 1.2100; TP2 1.2075; SL 1.2180
Last week GBP/CHF topped at 1.2475 as it met the previous support and now resistance line connecting the 2016 and 2018 lows. The pair formed a bearish “shooting star” pattern on the W1. This week the pair has slipped below the declining 100-day MA at 1.2320. The decline below 1.2165 (the 38.2% Fibonacci retracement of the August-September advance) will open the way down to 1.2100 (200-period MA on H4) and 1.2075 (the 50% Fibo and 50-day MA). The outlook will remain negative as long as GBP/CHF is staying below 1.2280 (Thursday’s high).
Elizabeth Belugina
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