Today, the CHF has risen up to the strong resistance level. A bounce back is a very probable scenario.
US Dollar moving inside a corrective phase
US Dollar has been trading in a corrective phase across the board and it seems we can expect further consolidation below the 50 SMA at H1 chart. Now, the focus is placed at the 200 SMA, where the Fibonacci level of 50% at 93.09 lies. A breakout below there should open the doors for a free fall towards the lows from May 14th at 92.11. However, a rebound should take it to test the Fibonacci area of -23.6% at 94.41.
RSI indicator stays in the neutral territory, favoring to the sideways consolidation.
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.