Japanese Candlesticks Analysis 22.12.2020 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, the pullback within the descending tendency continues. Right now, after forming several reversal patterns, such as Hammer, not far from the support level, USDCAD is reversing in the form of another correction and may later continue growing within the descending channel. in this case, the upside target will be at 1.2990. However, an alternative scenario implies that the price may continue falling to reach 1.2685 without testing the channel’s upside border.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, after forming a Hammer pattern, the pair is reversing. Right now, AUDUSD continues growing within the rising channel. In this case, the upside target will be the next resistance level at 0.7670. At the same time, an opposite scenario says that the price may continue falling to return to 0.7500 before resuming its growth.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, after breaking the descending channel’s downside border and forming several reversal patterns, such as Doji, not far from the resistance area, USDCHF is reversing and may resume the descending tendency. In this case, the next downside target may be the support area at 0.8800. Still, there might be an alternative scenario, according to which the asset may return to 0.8930 before resuming its decline.