Today, the CHF has risen up to the strong resistance level. A bounce back is a very probable scenario.
USD/CAD could reach the 50% Fibonacci level
Loonie has been trading in a corrective phase across the board with an ongoing consolidation below the 50 SMA at H1 chart. The price is approaching the 200 SMA, which coincides with the Fibonacci level of 38.2% at 1.2787. Around that area, the pair is expected to make a rebound, but a leg lower towards the 50% Fibonacci level cannot be discarded at this stage. To the upside, the critical target lies at 1.3331.
RSI indicator remains in the negative territory, favoring to another lower extension to the mentioned level.
Euro has started the morning with the correction after reaching a 3-weeks low with bearish potential
Technical analysis of the USD/CAD
After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.
AUD/USD that has settled below the 100-day MA in the 0.6840 area. Learn more!
The earnings season in the United States is still on. This means that stocks of the largest American companies will likely make big moves.