Japanese Candlesticks Analysis 25.12.2020 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, the descending tendency continues. Right now, after forming several reversal patterns, such as Doji, not far from the resistance level, USDCAD is reversing in the form of another descending impulse and may later continue falling within the descending channel. in this case, the downside target will be at 1.2685. However, an alternative scenario implies that the price may continue growing to reach 1.2955 before resuming its decline.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD continues growing within the rising channel. Right now, after forming several reversal patterns, such as Harami, not far from the resistance area, the pair may reverse and then resume falling to reach the channel’s downside border at 0.7535. At the same time, an opposite scenario says that the price may continue growing towards 0.7670 without reversing and correcting.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, USDCHF is back inside the descending channel. At the moment, after forming several reversal patterns, such as Harami, not far from the resistance area during the pullback, the pair is reversing and may continue the correction within the descending tendency. In this case, the correctional target may be the resistance area at 0.8960. Still, there might be an alternative scenario, according to which the asset may fall towards 0.8830 without testing the resistance area.