Stocks, oil, and risk currencies gained on Tuesday as the formal go-ahead for US President-elect Joe Biden to begin his transition burnished a November already boosted by Covid-19 vaccines.
EUR/CHF: picture looks grim
Information is not investment advice
EUR/CHF broke below 1.1150 - the lower border of the sideways range within which it has been trading since the middle of 2018. Then the euro retested this line at the end of June but was once again rejected lower. It means that the pair will likely go to lower levels. The obvious target lies at 1.0925 (78.6% Fibo retracement of the 2017-2018 advance).
The upcoming meeting of the European Central Bank represents a negative factor for the European currency.
EUR/USD fell below 1.1850 after reaching 1.1920 on Monday. The pair consolidated after the initial bearish move.
USD/CAD remains within a downtrend. As a result, selling the pair as it turns down from resistance is the best strategy. Support lies at 1.3125.
USD/CAD is eyeing 1.2900. What’s next?
Asian equities traded mixed and attempted to shrug off the weak handover from the US where there was a slight negative bias.
Let's trade exotics. The Russian ruble and the Mexican peso may gain some value against the US dollar in the short-term.