USDCHF had a major sell-off during Friday due to retaliatory trade war action from both China and Trump.
Since there is no hope of any improvement on these fronts in the next week, there is no reason to believe that a reversal to the upside is possible at this time.
EURUSD initially fell last week and then rallied to the upside in a massive bullish candle on Friday due to the weakness in the US Dollar due to the trade war situation. Therefore we will now consider the previous consolidation zone as support.
Pull backs towards the support zone will
This currency pair has been falling for obvious reasons.
The European central bank has a prolonged expansionary monetary policy. The German economy is struggling. Overall risk averse market sentiment still prevails, even with some occasional relief news. The result of all these means that only sell opportunities are preferable at
Last week USDCAD rallied towards resistance of 1.3450, but retraced back down without being able to make a new high. Therefore, it is expected to reach for the support zone as shown on the chart below.
It is preferable to wait until the pair reaches towards the support zone. Once there,
Last week the currency pair USDCAD initially rallied but then fell to form quite a negative candle. However, when we look into 4-hour timeframe, we can see a clear uptrend. In fact the pair is currently sitting at the support zone where we can potentially look for signs of support.
AUDUSD fell last week breaking below major support levels but then turned around to form a hammer on the weekly chart. This is a very bullish sign.
When we look at the daily chart, a massive pin bar on Wednesday is followed by a confirmatory bullish candle. All these happened