USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after falling towards the support level and forming several reversal patterns, including Hammer, USDCAD may reverse and start a new pullback towards the resistance area at 1.2370. After testing the area, the price may rebound and resume its descending tendency. However, an alternative scenario implies a further downtrend to reach the support level at 1.2220 and the continuation of the descending tendency.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, during the pullback, AUDUSD has formed several reversal patterns, such as Harami, At the moment, the asset may reverse and resume trading upwards. In this case, the upside target may be the resistance area at 0.7825. At the same time, an opposite scenario implies that the price may fall towards the support level at 0.7745, test it, and then resume its ascending tendency.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the asset is correcting within the downtrend. At the moment, after forming several reversal patterns, such as Inverted Hammer, not far from the support area, USDCHF may reverse and form a new pullback. In this case, the correctional target may be the resistance level at 0.9140. Still, there might be an alternative scenario, according to which the asset may continue falling to reach 0.9025 without reversing and correcting.
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.