Forex pairs to observe
Some nice moves in the market today, unfortunately I don’t have many trade set ups that im currently looking at, mostly because most pairs we looked at on Sunday reaching their D targets on the fib levels and we anticipate a retracement coming up on the higher time frames. The market had a nice week so far, we have seen investors aggressive selling the dollar and the yen for other currencies. The commodity currencies are in control at this point and we suspect this trend to continue for some time to come.
Euro.Usd and Usd.Chf
Eur.Usd is about 100 pips away of reaching its fib target of 1.3210, before it does so we anticipate a retracement towards the 1.18 level of the fibs which is around 1.3050. The target of 1.3210 makes perfect sense because if we look at higher time frames we notice the high that the bulls are eagerly after.
Usd.Chf is currently retracing towards resistance levels of around 0.9260 but it is possible the bulls will never make it that far and the bears will knock it down towards its D extension of 0.9135. Both pairs are moving aggressively towards their fib targets so I advise you to be very careful to buy or sell after these levels.
Important thing to note---USD.CAD has broken through major support level today and if the bulls dont come back this week to push it back above support than we can see this pair moving aggressively south towards 99.00 before finding a little bit support and 0.9730’s area shortly after. We are already looking for a nice short opportunity on this pair, definitely something to keep in mind.