EUR/USD moves upward after the breakout of the resistance level 1.0800, yesterday's opening gap-up and the following violation of the resistance level at 1.0870, which stopped the intermediate ABC correction (4) in December. EUR/USD is expected to rise to the next buy target at the next resistance level 1.0950.
EUR/CAD
EUR/CAD continues to rise after the breakout of resistance levels 1.4400 and 1.4500. The second breakout of the resistance level 1.4500 also coincided with the violation of the 50% Fibonacci retracement of the bearish impulse from November, which should increase the bullish pressure on the pair. EUR/CAD should rise to the next buy target at the resistance level 1.4800.
AUD/JPY reached the key support level 84.00 after breaking through two consecutive support trendlines belonging to the two daily upward channels marked on the chart. The breakouts accelerated the impulse wave -C- of the active minor correction. AUD/JPY should continue to fall the next short target at the support level 83.00.
USD/CHF continues to descend after the previous violation of the key support level 0.9860, which inverted the primary ABC correction at the end of January. The breakout of the support level 0.9860 is likely to accelerate the C-wave of the active intermediate correction (2) from the start of March. USD/CHF should fall to the next short target at the next support level 0.9750. The level 0.9895 seems appropriate to place the stop-loss for net short positions.
