Technical Outlook on USDCHF
A very clear head and shoulders pattern is clearly visible on the H4 chart of the USDCHF pair, indicating that we should soon see a stronger USD than the CHF.
Our view is long on USDCHF with a near tern target price of 0.91594.
We are expecting a breakout to the downside on the AUDJPY H4 chart on the trendline, which will give us the go ahead to short sell, which we suspect will happen in today’s trading session at most.
If we do see the expected breakout, we should then aim for the price level of 73.271
We saw a breakout on a long-standing diagonal trend-line to the downside on the CADJPY pair, which gave us the green light to short sell from that point onward.
Our near-term target is the price level of 78.383.
The technical set up for the NZDJPY pair shows a clear head and shoulders pattern, which indicates that we are heading downwards for the NZDJPY pair.
The near-term target for us is the price level of 68.732 and then 66.447 consecutively.
The EURO has pushed higher and broken out of a bearish channel on the EURCAD pair and has stayed outside of the channel to the upside, confirming that the Bullish direction is now in play.
The next target for the EURCAD pair is 1.61249.
A gartley pattern is clearly visible on the EURAUD pair, which tells us the direction from here is upwards.
Our next target for the EURAUD pair is 1.64512.