EUR/USD has turned up from the 50-day MA at 1.1715 yesterday. This is a sign that buyers are strong. Still, the short-term resistance line limits the upside at 1.1870.
USD/CHF: will the pair rise?
Recommendation: BUY 1.01 SL 1.0045 TP1 1.018 TP2 1.022 TP3 1.032
On a daily chart of USD/CHF, there is a reversal as a part of a transformation of the “Shark” pattern into 5-0. The update of November’s maximum will let the bulls to reach the targets of the “Wolfe Waves” and AB=CD patterns. The potential of an upward movement is very high.
On H1, the pair stuck in a “death zone”. The bullish pressure will continue only if the resistance at 1.01 is broken. Otherwise, if the support at 0.9915 is broken as a part of the “Broadening wedge” pattern, the pair can fall further down.
USD/JPY is declining for the fifth day in a row. When the pair fell below 105.00, it entered a new, lower range.
The resistance line is limiting USD/JPY on the upside and, unless the pair tries for a breakout (which anyway will meet resistance at 106.50 and 106.80), the easiest path for it will be to go down.
Gold is steadily plummeting for the third consecutive day. Where is the bottom? Let’s find out.
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