Gold prices were closed at 1702.04 after placing a high of 1710.96 and a low of 1693.74. Overall the movement of gold remained slightly bullish throughout the day. Gold prices rose and returned to the level of 1700 on Tuesday amid the fall of US CPI in April; however, it remained range-bound as the market ignored the CPI results in later sessions. At 15:00 GMT, the NFIB Small Business Index for April exceeded the expectations of 86.7 and came in as 90.9 and supported the US dollar. At 17:30 GMT, the CPI for April was declined by 0.8% against the forecasted decline by 0.7% and weighed onus dollar. The closely watched Core CPI also declined in April to -0.4% against the forecasted -0.2% and weighed on the US dollar. At 23:00 GMT, the Federal Budget Balance from the US showed a deficit of -737.9B against the forecasted -729.7BB and supported the US dollar. Another reason for the Gold surge was the renewed call for negative interest rates by Trump on Tuesday. In his tweet, Donald Trump said that the US should accept the gift of negative interest rates. He renewed his calls for the Federal Reserve to push rates further down. Federal Reserve lowered its rates near zero to reduce the economic destruction caused by the coronavirus pandemic. Bank has said that it would use other tools to aid US markets and the economy instead of reducing rates to negative territory. XAUSD - Daily Technical Levels Support Resistance 1,694.64 1,717.84 1,682.47 1,728.87 1,671.44 1,741.04 Pivot Point 1,705.67 Gold was range-bound in between 1,710 - 1,699 level until the release of Fed Chair Powel's speech. Since the speech, the gold is showing dramatic bullish move, having crossed over 1,710 levels, which may lead the gold prices towards 1,722. The RSI has crossed over 50, suggesting chances of further bullish bias in gold. While the 50 EMA is also supporting the buying trend. The recent close of 120 minutes candle is signaling bullish bias in gold. Let's consider taking buying trades in gold over 1,710 level today. Good luck!

The AUD/USD pair is flashing green and struggling to hit above the 0.6500 level while taking bids near the 0.6485 level and representing 0.20% gains on the day mainly due to the fresh selling in the U.S. dollar. The improving risk sentiment in the market also providing support to the Australian dollar an keeps the currency pair bullish. The AUD/USD is trading at 0.6483 and consolidates in the range between the 0.6451 - 0.6492. However, the traders are keenly awaiting the Federal Reserve Chairman Jerome Powell’s speech on economic issues. The greenback looking flat and struggles to gain any meaningful traction by the expectations that the Fed might be required to drive interest rates below zero. However, the expectations for negative Fed rates further bolstered after the U.S. President Donald Trump on Tuesday urged the U.S. central bank to do more policy easing. While the U.S. Dollar Index, which tracks the greenback against a basket of six other currencies, stood at 99.90 at 2:50 AM ET (0650 GMT). The reason for the risk-on market sentiment could be attributed to the Better-than-expected UK growth numbers. The fresh ease in the Australian-China trade tensions also keeps the market light, with S&P 500 futures turn positive above 2,800 levels. Moreover, the latest gains in the gold prices and copper prices also contributed to the commodity-currency, the Aussie bullish omentum. Meanwhile, markets digest the in-line with estimates Australian Wage Price Index data released in Asia. Technically, the AUD/USD is trading with a bullish bias, having surged above 0.6480 area, which has opened further room for buying until 0.6525 and 0.6560 level. Recently, the pair has formed bullish engulfing above the 50-period EMA which is suggestings odds of bullish trend continuation. However, the sideways trend and thin volatility in the market is keeping pressure on the AUD/USD pair. We should consider taking buying trades over 0.6465 area today, elsewhere, selling can be seen below 0.6465 to target 0.6415. Good luck!

USD/CHF produced a bearish engulfing candle on the daily chart yesterday. The price upon finding its double top resistance produced two bearish candles consecutively followed by a bullish inside bar. Yesterday’s bearish candle has set a strong bearish tone; thus, the sellers may look to go short in the daily chart. Major intraday charts such as the H4 and the H1 look good for the bear as well. Let us now have a look at those three charts. Chart 1 USD/CHF Daily Chart The chart shows that the price had a rejection at 0.97605 twice. Upon producing a shooting star, the price headed towards the South with one more candle. It then produced a bullish inside bar followed by yesterday’s bearish engulfing candle. The sellers may go short below 0.96655. The price may find its next support around 0.95935. Chart 2 USD/CHF H4 Chart The chart shows that the price made a strong bearish move and breached the level of 0.97000. The pair is trading around the breakout level now. If the price produces a bearish reversal candle, the sellers may go short and drive the price towards the South. The price may find its next support around 0.96110. On the contrary, if the resistance is breached, the price may head towards the North and find its resistance around 0.97155. Chart 3 USD/CHF H1 Chart The H1 chart shows that the price made a strong bearish move and had a bounce at 0.96680. Upon producing a bullish engulfing candle, the price has been heading towards the North. The level of 0.97000 has been working as a level of resistance. It has already produced a bearish engulfing candle, but it did not create bearish momentum. The pair is trading around the resistance level. If it produces a bearish reversal candle again, it would be considered double top resistance. This may make the sellers interested to go short in the pair and drive the price towards the level of 0.96680. In case of a breakout at the level of 0.96680, the price may head towards the South with more bearish momentum and find its support around 0.96300. In case of a bullish breakout, the price may find its resistance 0.97060. Considering these three charts, it seems that the pair may produce another bearish candle on the daily chart. There is enough space for the price to travel towards the downside. Thus the candle may end up being a long bearish candle as well.

The dollar is trading with a neutral bias as the US April Inflation data showed that it fell more than the expectations and made the U.S. dollar weaker against Euro currency. The forecasted value of CPI was -0.7%, which in actual came as -0.8%. The Core CPI came as -0.4% in the month of April against the forecasted -0.2%. Let's wait for Fed Chair's speech today.   The BTC/USD prices continue to consolidate with in the same trading range of 9,000 - 8,600 level. The BTC/USD price prolongs restoration over $8,900 but declines below $9,000. Gains over $9,000 would open the way to barter with the resistance at $9,532. Bitcoin buyers are eventually rising from their hiding following a grisly four days. The largest cryptocurrency has fought with improvement from the weekend lows at $8,100. Nevertheless, progress has been made towards $9,000 after the seller congestion zone at $8,900 was cleared. The BTC/USD is trading at $8,910, following a trivial improvement from a high of $8,979. The BTCUSD is particularly bullish while trading over the $8,700 mark, key resistance is located at the $9,400 and the $10,000 marks. If the BTCUSD pair trades beneath the $8,700, sellers may examine the $8,000 and $7,000 support marks. At the moment, the volatility in the leading cryptocurrency is notably high. Nevertheless, from a technical perspective, Bitcoin's downside is maintained by the assembly created by the 61.8% Fibonacci level and the 200-day SMA. Today, a bearish breakout of 8,500 level may extend selling bias until the next support level of 8,230. BTC/USD - Daily Technical Levels Support Resistance 8,590 9,010 8,362 9,202 8,170 9,430 Pivot Point 8,782 BTC/USD – Daily Forecast Since the drop of the BTC/USD below 10K psychological resistance level to 8,500 support zone, the leading crypto pair hasn't exhibited any one-sided movement. Currently, the BTC/USD prices are gaining support above 8,400 level and 8,100 level. Today, bearish breakout and closing of candles below 8,450 level may extend selling bias until the next support level of 8,120. However, if Bitcoin continues to close candles above the 8,500 level, we may see bullish correction until the 9,000 level. The EUR/USD pair was closed at 1.08482 after placing a high of 1.08851and a low of 1.07842. Overall the movement of pair EUR/USD remained bullish throughout the day. EUR/USD pair was trimmed the previous day's losses and started gaining on Tuesday and moved to its highest level since May 5. EUR/USD pair crossed 1.088 level and was seen heading towards 1.0900 level after poor and disappointing U.S. inflation data. The US April Inflation data showed that it fell more than the expectations and made the U.S. dollar weaker against Euro currency. The forecasted value of CPI was -0.7%, which in actual came as -0.8%. The Core CPI came as -0.4% in the month of April against the forecasted -0.2%. On the news front, according to a senior E.U. figure, Britain and European Union no-longer trust on each other. The European Vice President Katrina Barley said that she was pessimistic about the trade talks with Britain. She criticized the U.K.'s response towards making a deal with E.U. and complained about the slow progress around the negotiations for the post-Brexit deal. She also warned that in the next round of trade talks on the relationship with Britain after Brexit, there would be no enthusiasm from both sides. On the other hand, coronavirus has hit European Union in ways that would have been unthinkable only months ago. It has not costed human lives but also has destroyed the E.U. economy severely. The Chairman of Parliament's Budget Committee, Johan Van Overtveldt, warned about the slow and gradual economic recovery and called the latest prediction of 7.5% contraction in economic activity this year as a mild forecast. EUR/USD - Daily Technical Levels Support Resistance 1.0793 1.0894 1.0738 1.094 1.0691 1.0995 Pivot Point 1.0839 EUR/USD – Daily Forecast On Wednesday, the EUR/USD is trading at 1.0842, holding above an intraday pivot point resistance level of 1.0839. A bearish breakout of 1.0839 level can lead the EUR/USD prices towards the next support area of 1.07630, which marks the double bottom level. Below this, the next support holds around 1.0725. On the higher side, resistance holds around 1.0864. The RSI is holding below 50, which is keeping the EUR/USD in a bearish mode while the 50 EMA is also suggesting odds of selling trend in the EUR/USD. Consider staying bearish below 1.082 today, while buying can also be seen above this level today. The GBP/USD currency pair stops its 2-day losing streak and hovering near the late-April low 1.2250 as traders are cautious about placing any strong position ahead of critical U.K. macro releases. As we mentioned, the market participants are waiting for the key data while staying near April low, a continued break of a bullish sloping trend line from April 06 keeps sellers hopeful of targeting April month low near 1.2165 beneath 1.2250. The GBP/USD currency pair is currently trading at 1.2271 and consolidates in the range between the 1.2251 - 1.2284. At the data front, the U.K.'s heavy economic calendar is going to control the markets moves at 06:00 GMT with the first quarter (Q1) GDP figures for 2020. As well as, the March month Trade Balance and Industrial Production detail will also decorate the economic calendar. According to the forecasted view about GDP, the United Kingdom GDP is expected to reach -8.0% MoM in March against -0.1% prior, while the Index of Services (3M/3M) in the same timeframe is seen higher from 0.2% to 0.30%. The GDP stands for Gross Domestic Product, which is usually shown by the Office for National Statistics (ONS) is a gauge of the total value of all goods and services produced by the U.K. The GDP plays a key role in U.K. economic activity. Usually speaking, an increasing trend has seen as a positive or bullish for the GBP currency. Alternatively, a falling trend is seen as negative (or bearish). The Manufacturing Production, which produced approximately 80% of total industrial production, is expected to fall 6% MoM in March against +0.5% recorded in February. Moreover, the total Industrial Production is expected to arrive in at -5.6% MoM for March against the previous reading of +0.1%. At the yearly front, the Industrial Production for March is expected to have declined by 9.3% against -2.8% previous while the Manufacturing Production is also expected to have declined by 10.4% in the reported month against -3.9% last. Support Resistance 1.2217 1.2339 1.2175 1.2419 1.2095 1.2462 Pivot Point 1.2297 The GBP/USD fell below the sideways trading range of 1.2350 - 1.2285, to trade at 1.2260 before reverting back to 1.2297. Overall, the Cable's trading bias is still bearish as it's holding below 50 EMA, which is extending resistance at 1.2370. The GBP/USD is now testing the daily pivot point level of 1.2297, which is suggesting odds of the selling trend in the Cable. However, the bullish breakout of 1.2297 level may extend buying until 1.2375 and 1.2460. The RSI and 50 EMA are suggesting the chances of a selling bias today. On the lower side, the GBP/USD prices are likely to find support at around 1.2204. Let's look for selling trades below 1.2297 and buying above the same level today. Good luck!

The AUD/USD pair was closed at 0.64880 after placing a high of 0.65611 and a low of 0.6456. Overall the movement of AUD/USD remained bearish throughout the day. On the back of the risk-on market sentiment, the US dollar gained traction after easing in lockdown from countries across the globe. The fears of the second wave of COVID-19 has kept US dollar higher on Monday. The US dollar index raised more than1% and reached above 100 level on Monday.  The strength of the US dollar weighed on AUD/USD prices on the starting day of the week. However, adding in the downfall of Aussie could also be attributed to a new trade war between China & Australia. In response to this, Scott Morrison, the Australian PM, said on Monday that if the plan of China to impose tariffs on barley imports was connected to the broader diplomatic dispute over the investigation into coronavirus origin, then he would be very disappointed. Besides, the Australian government has signaled that it would take the case to WTO if China would follow the planned duties of around 80% on barley imports. Aussie lost its traction after the increasing tensions between China & Australia. Weakened Aussie dragged down the prices of AUD/USD further to a point near 0.654 level on Monday. Daily Technical Levels Support Resistance 0.6441 0.6545 0.6396 0.6606 0.6336 0.6650 Pivot Point: 0.6501 Technically, the AUD/USD is trading with a bullish bias, having surged above 0.6492 area, which has opened further room for buying until 0.6560 level. Recently, the pair has formed three white soldiers pattern, which usually suggests odds of a bullish trend in the Aussie pair, but considering the recent sideways trend and lack of continuity in the mark are making it harder for Aussie dollar pair to target 0.6562. Still, we should consider taking buying trades over 0.6495 area today. Good luck!

During Tuesday's Asian session, the USD/CAD currency pair erasing its early-day gains to 3-weeks high but still trading above the key 1.40 psychological mark. The currency pair extended its previous day's strong intraday recovery move from the 1.3900 marks and rose above mid-1.4000 earlier in the morning. However, multiple factors like weaker U.S. dollar and rise in the oil prices kees the currency pair gains limited. At this particular time, the USD/CAD currency pair is currently trading at 1.4014 and consolidates in the range between the 1.4002 - 1.4064. The commodity-linked currency Loonie came under pressure after the WTI prices fell, and hence, USD/CAD started to move in an upward direction to post gains. Furthermore, adding in the upward movement of USD/CAD pair prices was the strength of the U.S. dollar across the board on Monday amid the increased U.S. Treasury Yields. The U.S. Dollar Index, which measures the value of the dollar against a basket of six currencies, rose 1.03% on that day and reached to 100.27. There was no economic data from USD or CAD side on Monday, so the movement of pair was attributed to the WTI crude oil prices or broad-based U.S. dollar strength. On News front, the Deputy PM of Canada, Chrystia Freeland, said that Canada and the U.S. were working on plans to deal with the increased cross-border traffic after both countries have eased down in restrictions. Canada almost reached near the death toll of 5000 by standing at 4871; the total cases of coronavirus are close to 69,000 in Canada with 32,000 active cases. Daily Technical Levels Support Resistance 1.3933 1.4075 1.3846 1.4130 1.3792 1.4217 Pivot Point: 1.3988 Technically, the USD/CAD is now trading with a bearish bias at 1.3985, having formed three black crows on the 4-hour timeframe. A drop in the USD/CAD prices may lead the pair lower towards an immediate support level of 1.3965. Below 1.3965, the USD/CAD may drop further until 1.3900, but that will be more practical if the U.S. retail sales fail to surprise the market. On the higher side, resistance stays at 1.4075 and 1.4165. Let's wait for the market to test the 1.3900 area to decide when to enter the market. Good luck!

USD/JPY has been bullish on the daily chart for the last three trading days. Yesterday’s candle came out as a long bullish candle closing within a significant level of resistance. This may make the pair consolidate around the level before making its next move. However, major intraday charts suggest that the pair may continue its bullish move today as well. Let us now have a look at those three major charts. Chart 1 USD/JPY Daily Chart The chart shows that the price after being bearish had a bounce at 106.085 and headed towards the North finding its resistance at 107.815. The reversal candle came out like a spinning top. The bear looked strong till then. However, the next two candles came out as bullish candles with a long body having no upper shadow. The buyers on the daily chart may want to wait for the price to consolidate and produce a bullish reversal candle to go long in the pair. Chart 2 USD/JPY H4 Chart The H4 chart shows that the price made a strong bullish move before finding its resistance around 107.800. Upon producing a shooting star, it headed towards the South. The level of 107.730 has been working as support. As of writing, the price has been bullish in the last candle. If the level produces a bullish reversal candle, the buyers may go long in the pair above 107.800. The price may find its next resistance around 108.445. Chart 3 USD/JPY H1 Chart The H1 chart shows that the price after making a bearish move had a bounce at 107.365. It seems that the price may have found its resistance, which may make the price come towards the support again. If the support holds and pushes the price towards the North, the buyers may go long above 107.800. On the contrary, if the price makes a bearish breakout at 107.365, it may head towards the level of 107.100. A bearish breakout may make the pair remain bearish in the daily chart for a while. This means, either way, the next breakout is going to be crucial for the pair. The H1 chart looks good for the sellers. The H4 and the daily chart look good for the buyers, though. Thus, we may say that the bull has an upper hand here. This may help the pair make a bullish breakout. If that happens, the USD/JPY buyers are going to be busy buying the pair in the coming days.

During the last week on Friday, the data from the U.S. showed the unemployment rate climbed to 14.7% from the expected 16% and again supported the U.S. dollar. The Average Hourly Earnings from the U.S. also increased to 4.7% from expected0.5% and supported the dollar. On the news front, the eyes will remain on the European industrial production figures, but the event is a medium impact, and it may not drive sharp selling or buying in the market today. Yesterday, the BTC/USD opened with a vast gap, falling sharply below 10K psychological resistance level to 8,500 support zone. Currently, the leading crypto pair is gaining support at this level and has closed a Doji candle above the 8,500 level. The BTC/USD prices have declined towards the $8,000 support mark after being discarded from the psychological $10,000 resistance mark during the weekend. Looking forward to this week, the BTCUSD sellers seem dominant, and they may target the $6,500 mark if they can drive a violation of BTC price below the $8,000 support zone this week. The BTCUSD is particularly bullish while trading over the $8,700 mark, key resistance is located at the $9,400 and the $10,000 marks. If the BTCUSD pair trades beneath the $8,700, sellers may examine the $8,000 and $7,000 support marks. At the moment, the volatility in the leading cryptocurrency is notably high. Nevertheless, from a technical perspective, Bitcoin's downside is maintained by the assembly created by the 61.8% Fibonacci level and the 200-day SMA. Today, a bearish breakout of 8,500 level may extend selling bias until the next support level of 8,230. BTC/USD - Daily Technical Levels Support Resistance 8,054 9,485 7,376 10,239 6,622 10,917 Pivot Point 8,808 BTC/USD – Daily Forecast The BTC/USD hasn't changed much as the huge gap continues to stay there. The Bitcoin has dropped sharply below 10K psychological resistance level to 8,500 support zone. Currently, the BTC/USD prices are gaining support above 8,400 level and 8,100 level. Today, bearish breakout and closing of candles below 8,450 level may extend selling bias until the next support level of 8,120. However, if Bitcoin continues to close candles above the 8,500 level, we may see bullish correction until the 9,000 level. The EUR/USD currency pair flashing red but still trading above 1.0802, having hit a low of 1.0784 early on the day, and the prospectus of shared currency bullish bias during the next session seem eased mainly due to the broad-based U.S. dollar strength in the wake of risk-off market sentiment. The second wave of coronavirus also weighed on the currency pair. The European Union has raised concerns over a lack of progress in negotiations and blamed the U.K. for prioritizing its interests over the mutual issues. Only seven months have left to reach a deal with E.U. before December 31, and Britain is showing a delayed approach towards negotiations. As European Union has tried to negotiate a new trade deal with United Kingdom, France and the Netherland have joined forces to urge the European Union to impose labor and environmental standards more forcefully with the countries it signed trade deals with. The initiative came amid the concerns that the U.K. might seek E.U. to undercut the labor and environmental standards for boosting its competitiveness. The European Dairy Association has issued a framework set out for future EU-UK trade. The framework issued by EDA consists of "rules of origin," which are the criteria used within the World Trade Organization to define where a product was made. After Brexit, U.K. will become a third country where rules of origin will apply for trade between E.U. & U.K. Meanwhile, the largest country of Europe has reported a decreased number of deaths from the virus on Monday as it has proceeded with the gradual easing of restrictions. However, the fear of the second wave of coronavirus is still there, and it has created a risk-on sentiment in the market. EUR/USD - Daily Technical Levels Support Resistance 1.0789 1.084 1.0769 1.0871 1.0738 1.089 Pivot Point 1.082 EUR/USD – Daily Forecast The EUR/USD is trading at 1.0820, holding mostly below an intraday pivot point resistance level of 1.082. A bearish breakout of 1.082 level can lead the EUR/USD prices towards the next support area of 1.07630, which marks the double bottom level. Below this, the next support holds around 1.0725. On the higher side, resistance holds around 1.0864. The RSI is holding below 50, which is keeping the EUR/USD in a bearish mode while the 50 EMA is also suggesting odds of selling trend in the EUR/USD. Consider staying bearish below 1.082 today, while buying can also be seen above this level today. During Tuesday's Asian trading hours, the GBP/USD currency pair erases its early-day losses but still trading bearish while taking rounds near the 1.2326 as the broad-based U.S. dollar returned from the multi-day high. However, the currency pair hit the low of 1.2288 earlier in the morning, mainly due to the risk-off market sentiment in the wake of the second wave of the virus. This weighed on single currency British Pound on Monday in early sessions. Furthermore, the PM Boris Johnson on Monday released a 50-page document that contained the details about more relaxed coronavirus lockdown measures. He further said that a guideline for maintaining social distancing in the workplace would be given out late Monday. The easing of lockdown by the U.K. government was not only criticized by the group of companies but also by devolved nations like Scotland and Wales. The previous message from the Tory government of "Stay at home, protect the NHS, save lives" was now converted into "Stay alert, control the virus, save lives." The new "stay alert" warning from the UK PM Boris Johnson was widely criticized as confused and nonsensical. The question has been raised against it like, why change the message if the situation has not changed? Most criticisms were based on the fact that people should be provided with a crystal clear and straight messages that cannot be misinterpreted or misunderstood. On the other hand, the greenback remained supportive of the increased U.S. Treasury Yields and increasing U.S. Dollar Index. The DXY erased its losses and recovered 1.2% on the day and reached to 100.27. On the data front, there was no data to be published from the Britain side on Monday, but on Wednesday, the preliminary first-quarter GDP data from the U.K. will be under consideration by U.K. traders. Support Resistance 1.2268 1.2422 1.2198 1.2508 1.2113 1.2577 Pivot Point 1.2353 The GBP/USD is trading in a sideways range in between 1.2350 - 1.2285, holding below 50 EMA, which is extending resistance at 1.2400. The GBP/USD prices are holding the right blow daily pivot point level of 1.2353, which is suggesting odds of the bearish trend in the Cable. In case, the Cable violate 1.2353 level, we may see GBP/USD prices heading towards 1.2435 and 1.2530. The RSI and 50 EMA are suggesting the chances of a selling bias today. On the lower side, the GBP/USD prices are likely to find support at around 1.2310 and 1.2204. Let's look for selling trades below 1.2400 and buying above the same level today. Good luck!

The USD/CAD was closed at 1.39218 after placing a high of 1.39902 and a low of 1.39084. Overall the movement of USD/CAD remained bearish throughout the day. At 17:17 GMT, the Housing Starts in April increased to 171K against the expectations of 107K and supported Canadian Dollar. At 17:30 GMT, the Employment Change reported that during April, Canada lost 1993.8K jobs, which were expected to be 4000K. The Unemployment Rate from Canada increased to 13% against the expected increase to 18%. The Building Permits in March was reported to be 13.2% down, when the expected drop was 20.1%. The number of houses that started construction in April increased, better than expected fall in the job loss during April and better than expected rise of unemployment rate along with the better than expected decline in the building permits from Canada during March, all helped CAD to gain strength against U.S. dollar on Friday. Strong CAD due to strong employment data dragged down the USD/CAD pair and extended the losses of the pair at the ending day of the week. Furthermore, the recovery in Crude Oil prices on Friday due to risk-on market sentiment after the easing of lockdown measures and increased demand for oil also added in the strength of commodity-linked currency Loonie and further weighed on USD/CAD prices on Friday. Meanwhile, the USD was also supportive of its better than expected employment data on Friday. The Average Hourly Earnings from the United States recorded at 4.7% during April, whereas 0.5% was the expected figure.The Non-Farm Employment Change fell by 20.5M jobs during April, undwer the expected 22M and supported the U.S. dollar. The U.S. Unemployment rate was recorded as 14.7% against the forecasted 16% and helped the U.S. dollar to gain traction in the market. The strength of the U.S. dollar after employment data limited the losses of USD/CAD pair on the ending day of the week; however, it failed to reverse the pair's direction. USD/CAD- Daily Technical Levels Support Resistance 1.3920 1.3941 1.3912 1.3954 1.3898 1.3962 Pivot Point: 1.3933 USD/CAD- Daily Trade Sentiment The USD/CAD was trading bullish around 1.3965 level, but it entered the oversold zone. Traders seem to drive the bullish correction in the market until 38.2% Fibonacci retracement level of 1.400 and 1.3035, which marks a 50% Fibonacci retracement level. Above 1.3910, the USD/CAD pair has formed a bullish engulfing pattern, which may drive bullish retracement in the Loonie. On the lower side, the USD/CAD may find support at 1.3905 and 1.3864, the double bottom pattern. Let's look for selling trades below 1.3933 and buying above the same level to target the 1.400 level today.

EUR/CHF has been in consolidation on the daily chart for the last four trading days. The pair upon finding its resistance around 1.05960 made a bearish move and had a bounce at a support zone where the price had a bounce earlier as well. However, Friday’s candle came out as a bearish engulfing candle. Thus the sellers may look to go short in the pair. Let us now have a look at three major charts. Chart 1 EUR/CHF Daily Chart The chart shows that the price has been bearish on the daily chart for many days. It had a bounce around 1.05960 twice. Thus, the price has been in consolidation around the level. Since Friday’s candle came out as a bearish engulfing candle after consolidation, the pair may get bearish again. The daily sellers may go short below the level of 1.05180. The price may find its next support around 1.03510. On the other hand, the price is at a triple bottom. Thus, a bullish reversal candle may change the equation and push the price towards the North. If the chart gets bullish, it may find its next resistance 1.05960. Chart 2 EUR/CHF H4 Chart The H4 chart shows that the price produced a bearish inside bar at 1.05460, which is a flipped resistance. The price had a rejection earlier; thus, a breakout at 1.05215 would be considered as a breakout at a double top’s neckline. This may attract the H4 sellers to go short in the pair and drive the price towards 1.04740. On the contrary, the price had a bounce at the level of 1.05215 twice. A bullish reversal candle may push the price towards the North, and the price may find its next resistance around 1.05460. However, the H4 buyers shall wait for the price to make a breakout at 1.05460 to go long in the pair since the daily chart is very bearish biased. Chart 3 EUR/CHF H1 Chart The chart shows that the price upon having a bounce at 1.05215 headed towards 1.05100. It may produce a double top around the level. The sellers may go short in the pair below 1.05220. However, if the price makes a breakout at 1.05215, it would head towards 1.0530 with good bearish momentum. In case of a bullish breakout, the price may find its next support at 1.05360. Considering these three charts, the pair may produce a bearish candle today as well. This may play a vital role and make the pair remain bearish for some days.