Today, the CHF has risen up to the strong resistance level. A bounce back is a very probable scenario.
NZD/CAD broke support zone
- NZD/CAD broke support zone
- Next sell target - 0.8830
NZD/CAD recently broke the support zone lying between the round support level 0.9000 (which stopped the previous minor impulse wave (iii) in April, as can be seen below) the 61.8% Fibonacci correction of the upward price impulse from January. The breakout of this support zone accelerated the active impulse wave C. NZD/CAD is expected to fall toward the next sell target at the next support level 0.8830.
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.