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28 Oct 2024

EUR/CAD Price Prediction: Extending up leg within range

EUR/CAD appears to be extending a final third c wave of an abc pattern.
The pair is trading within a range and such a move would take price up to the range ceiling.

EUR/CAD appears to be extending the final “c wave” of an abc “zig-zag” price pattern within the confines of a multi-month range (see chart below).

Assuming the up leg extends as expected it should reach a length that is equal to the length of wave “a” or a Fibonacci 61.8% extension of a. This suggests an initial target at 1.5045 followed by 1.5088 in a bullish scenario.

EUR/CAD 4-hour Chart

A break above 1.5050 would confirm the move up to 1.5088.

The Moving Average Convergence Divergence (MACD) momentum indicator has risen above the zero line and is mildly supportive of the bullish outlook.

Oct 28, 2024

USD/CHF Price Forecast: Retreats from 0.8700

The USD/CHF pair falls sharply after testing the round-level resistance of 0.8700 in Monday’s European session, the highest level seen in more than two months.

The Euro is not weak – even if it looks that way – Commerzbank

“Economic news from the euro area was not particularly relevant for the EUR/USD exchange rate, Commerzbank’s FX analyst Head of FX and Commodity Research Ulrich Leuchtmann notes.