This week EUR/CHF broke below the 100- and 50-day MAs at 1.0966 and 1.0954 respectively.
Daily Market Analysis
After EUR/USD broke the 1.1180/1.1070 range to the downside, it has been trading within the short-term downtrend.
Today, the CHF has risen up to the strong resistance level. A bounce back is a very probable scenario.
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USD/CAD firstly formed a bullish “engulfing” candlestick on the W1 and then confirmed the upside by the following strong bullish candlestick.
A bearish “engulfing” pattern was formed on the W1 chart of NZD/USD around the 38.2% Fibonacci retracement level of the July-October decline.
Euro has started the morning with the correction after reaching a 3-weeks low with bearish potential
GBP/USD formed a lower high at the start of this month, pressured by the strong resistance in the 1.30 area.
Despite the overall positive sentiment for stocks, the stock of PepsiCo has experienced a substantial decline this week.
USD/CNH has been steadily declining since the start of October on hopes that the United States and China would take steps towards some kind of a trade deal.
Technical analysis of the USD/CAD
USD/CHF is supported by the 50-day MA at 0.9917. The doji candlestick that formed on the D1 yesterday signals the market uncertainty.