USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after forming an Inverted Hammer reversal pattern close to the support level, USDCAD may reverse in the form of another ascending impulse. In this case, the upside target may be the resistance area at 1.2980. Later, the market may break this level and continue growing. However, an alternative scenario implies that the asset may correct to reach 1.2800 first and then resume trading upwards.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, AUDUSD has formed an Inverted Hammer reversal pattern near the support area. At the moment, the asset is reversing in the form a new rising impulse. In this case, the upside target may be the resistance level at 0.6875. After testing the level, the price may rebound from it and resume the descending tendency. At the same time, the opposite scenario implies that the price may fall to reach 0.6720 and continue the downtrend without any corrections.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, after testing the support area, the pair has formed several reversal patterns, for example, Harami. At the moment, USDCHF may reverse in the form of a new ascending impulse. In this case, the upside target may be at 0.9675. After testing the resistance level, the price may break it and continue trading upwards. Still, there might be an alternative scenario, according to which the asset may fall to reach 0.9550 and continue the ascending tendency only after re-testing the support area.
Source: Roboforex
