On the daily chart of USD/CHF, there was a rebound to the 23.6% level from the CD wave of the junior “Shark” pattern within its transformation to the 5-0 pattern.
XAU/USD: bears got in a trap
TP1 1242 TP2 1250 TP3 1273
On the daily chart, XAU/USD is correcting to the long-term uptrend. Bears are trying to form a “Shark” pattern with a target at 113% located at 1183. Gold may recover from this point.
On H1, XAU/USD formed a “Spike and ledge” on the basis of 1-2-3. If the break of the lower border of 1218-1235 is false, the price’s return to its middle will trigger the “Shakeout-Fakeout” pattern. The “Crab” pattern with a target at 161.8% will help bulls.
On the daily chart of GBP/USD, bulls managed to hold the pair above the support at 1.3065 and above the upper boundary of the downward channel.
On the daily chart of USD/JPY, bears failed to break below the bottom line of the upward channel within the implementation of the “Three Indians” pattern.
The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...
USD/CHF remains weak across the board and stays strong with a bearish consolidation below the 200 SMA at H1 chart…
There's no any reversal pattern so far, so the market is likely going to test the nearest resistance area in the short term...