EUR/JPY rebounded from the 123.00 level on the H4. The pair formed a “piercing line” pattern.
USD/CHF: levels for trading
Information is not investment advice
The decline of USD/CHF from February highs to March lows was epic. The pair reached support at 0.9185 (2018 low) and turned up on the W1 (notice that the reversal candlestick at this timeframe still hasn’t been formed) and the D1. The next obstacles on the upside lie in the 0.9400/15 area and at 0.9440 (38.2% Fibonacci). The advance above the latter is needed to open the way up to 0.9515 (50% Fibo).
The United States will release PPI figures at 14:30 MT time. According to the forecast, the data will worsen in comparison with the previous release. If this scenario turns out to be true, USD/CHF will test support at 0.9325/00. The next support is at 0.9245. Higher than expected numbers and confidence in the efficiency of the anti-coronavirus measures are needed to push the USD above the mentioned resistance levels.
Trade ideas for USD/CHF
BUY 0.9455; TP 0.9515; SL 0.9440
SELL 0.9295; TP 0.9245; SL 0.9310
SELL 0.9405; TP 0.9360; SL 0.9420
NZD/CAD has reached a 200-week MA (0.8950) and formed a “shooting star” candlestick on the D1. On the H4, we see a lower high.
XAU/USD has moved this week in line with its short-term uptrend and the overall long-term uptrend reaching $1 865.
The number of Americans applying for initial unemployment benefits came in at a larger-than-forecast 870,000 last week, signaling that the recovery in the labor market is losing momentum as the coronavirus pandemic lingers and layoffs continue apace.
The GBP is likely to move upward until it reaches the resistance of 1.2795.
The aussie is expected to plummet for the next six months. What is the reason?