CHF/JPY met the resistance of the declining 50-day MA and turned down. Its potential target lies at the support line connecting the lows of May in the 108.25 area.
Daily Market Analysis
Check the chart of EUR/AUD. The pair has reached the 50% Fibo retracement of the 2008-2012 decline.
On the H4 of AUD/JPY, the pair formed the “Head and shoulders” pattern.
The NZD remains in a downtrend versus the CHF and the JPY as the market is still in the risk-averse mode.
WTI oil formed a “dark cloud cover” pattern on D1 near the downtrend resistance line.
Technical analysis of AUD/CHF
On H4, we can see a big top above 0.6610.
Crude oil had a rough time during the past few weeks…
USD/JPY managed to rise above the 50-period MA on H4 and get above the highs of last week.
Technical analysis of XAU/USD
This week the pound has found some temporary relief as investors’ concerns went down a notch.
XAU/USD is currently consolidating within a triangle on H4 offering a perfect opportunity to trade on a breakout to either direction.