Today, the CHF has risen up to the strong resistance level. A bounce back is a very probable scenario.
USD/CHF broke major support level 0.9870
- USD/CHF broke major support level 0.9870
- Next sell target - 0.9800
USD/CHF continues to fall after the recent breakout of the major support level 0.9870 (which has been repeatedly reversing the price from the end of June, as can be seen below). The breakout of the support level 0.9870 should accelerate the active short-term impulse wave c from July. USD/CHF is expected to fall further toward the next sell target at the next support level 0.9800 (monthly low from June and the target for completion of wave (c)).
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.