Downside target for USD/CAD
USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
USD/CHF may decline
Trade idea
SELL 1.0065; TP 0.9960; SL 1.0085
The USD had been a safe haven when it comes to the US-Sino trade war. However, the situation has changed: now investors worry that trade conflict will hurt the American economy more than expected and thus increase their bets for the Federal Reserve’s rate cut this year. As the CHF is considered as a stronger kind of safe haven, we propose a USD/CHF short trade.
The pair fell below the 50-day MA (1.0070) and the line connecting January and March lows. If it goes below the 100-day MA (1.0024), the target will lie at 0.9955 (200-day MA, 50-week MA, and the line connecting 2018 and 2019 lows).
Elizabeth Belugina
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