USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
GBP/CHF: choose a level for selling
Information is not investment advice
GBP/CHF slipped below the 50-day MA this week. The line is currently acting as resistance at 1.1905. Earlier declines below it led to bigger moves down. This allows us to expect that the fall below 1.1850 will trigger a slide to 1.1785 (38.2% Fibonacci retracement of the March-April advance) in line with the longer-term downtrend. The next key level on the downside will be at 1.1650. Moving Averages on the H4 are getting in the negative order. The overall outlook will remain bearish as long as GBP/CHF is trading below resistance at 1.2000.
Trade idea for GBP/CHF
SELL 1.1845; TP 1.1785; SL 1.1860
SELL 1.1990; TP 1.1870; SL 1.2010
Last week NZD/USD once again met resistance in the 0.6155 area. As you can see from the chart, this area stopped the pair twice before within the recent month.
It’s worth paying attention to AUD/JPY. The pair has approached the resistance line connecting April and May highs.
Has the US dollar lost a top position forever?
We know that hammer formation may be effective in identifying trend reversals. Let's study it a bit closer to see real-life cases.
CAD will get fresh volatility after BOC statement on June 3 at 17:00 MT time.