Today, the CHF has risen up to the strong resistance level. A bounce back is a very probable scenario.
GBP/USD: 'V-Bottom' led to bullish rally
The price is rising because of the last 'V-Bottom' pattern. The main intraday target is the next resistance at 1.2969 - 1.2989. If a pullback from this area happens little later on, there'll be a moment for a decline towards the nearest support at 1.2897 - 1.2866.
All the Moving Averages have been broken. Also, there's a 'Flag' pattern. It's likely that the pair is going to reach the nearest resistance at 1.2969 - 1.2989 within the next few hours. A pullback from these levels could be a starting point for a downward correction.
Euro has started the morning with the correction after reaching a 3-weeks low with bearish potential
Technical analysis of the USD/CAD
The earnings season in the United States is still on. This means that stocks of the largest American companies will likely make big moves.
This week EUR/CHF broke below the 100- and 50-day MAs at 1.0966 and 1.0954 respectively.
After EUR/USD broke the 1.1180/1.1070 range to the downside, it has been trading within the short-term downtrend.