Today, the CHF has risen up to the strong resistance level. A bounce back is a very probable scenario.
USD/CHF reversed from support zone
- USD/CHF reversed from support zone
- Next buy targets - 1.0000 and 1.0050
USD/CHF recently reversed up from the support zone lying at the intersection of support level 0.9840, 38.2% Fibonacci correction of the previous sharp upward impulse (5) from the start of April and the upper trendline of the recently broken down channel from May (acting as support after it was broken). USD/CHF is expected to rise further toward the next buy target at the next resistance levels 1.0000 and 1.0050.
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.