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Japanese Candlesticks Analysis USD/CAD, AUD/USD, USD/CHF

Published 10/12/2020, 04:31 AM
Updated 07/09/2023, 06:32 AM
USD/CHF
-0.03%
AUD/USD
0.06%
USD/CAD
0.07%

USD/CAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the descending tendency continues. Right now, after testing the support area and forming several reversal patterns, such as "Inverted Hammer", USD/CAD is expected to reverse and correct towards 1.3170. After completing the pullback, the instrument may resume falling to reach the first downside target at 1.3060.
USDCAD
AUD/USD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the asset is completing another correction. Right now, the pair is testing the descending channel’s upside border. Possibly, the price may rebound from the resistance area and resume trading downwards to reach the target at 0.7130. At the same time, an opposite scenario says that the price may grow to reach 0.7260 before resuming its decline.
AUDUSD
USD/CHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, after breaking the rising channel’s downside border and forming several "Hammer" patterns close to the horizontal support level, USD/CHF is expected to reverse and correct towards 0.9155. Later, the market may rebound from this level and resume falling. In this case, the downside target may be at 0.9060. Still, there might be an alternative scenario, according to which the asset may get back inside the rising channel.
USDCHF

Disclaimer: Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

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