USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
USD/CHF: how to trade on risk aversion
SELL 0.9705; TP1 0.9660; TP2 0.9590; SL 0.9720
USD/CHF tried to move higher last week but was stopped by the 100- and 200-week moving averages in the 0.9850 area. These lines represent serious obstacles for bulls. As a result, the pair came back to the 50% Fibo retracement of the 2018-2019 decline at 0.9710. The price has already made two attempts to break below this area. There are all reasons to expect that it will do so once again given the new spike in the market’s risk aversion that’s increasing the safe-haven appeal of the CHF. The break below 0.9710 will make us target 0.9660 (August low) and 0.9590 (61.8% Fibo). Resistance is located at 0.9800.
Last week NZD/USD once again met resistance in the 0.6155 area. As you can see from the chart, this area stopped the pair twice before within the recent month.
It’s worth paying attention to AUD/JPY. The pair has approached the resistance line connecting April and May highs.
Oil prices have been climbing up for a long time. What have stopped them?
There has been some movement in the EUR/USD chart. What's happening?
There was a notable reversal in the stock market on Wednesday. Have you noticed the reversal chart patterns?