Today, the CHF has risen up to the strong resistance level. A bounce back is a very probable scenario.
GBP/USD: 'Double Bottom' pushed price higher
The last 'Double Bottom' pattern pushed the price higher. The main intraday target is the closest resistance area at 1.2695 - 1.2725. If a pullback from these levels happens next, there'll be a moment for another decline in the direction of the next support at 1.2634 - 1.2588.
There's a local 'V-Bottom' pattern, which has been formed between the Moving Averages. Thus, the pair is likely going to test the nearest resistance at 1.2718 - 1.2732 in the coming hours. Meanwhile, if we have a pullback from this area, bears will probably try to test another support at 1.2588.
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.