MARKET OUTLOOK (EURUSD, USDCHF, USDCAD & GBPUSD)

 Good morning traders, I hope you're all doing well and welcome on board as we get to look at the various pairs for the week. Into the markets today, I'm looking at EURUSD, USDCHF, USDCAD & GBPUSD for potential trading opportunities. EURUSD price rallied back to the major broken demand retested as a new supply on H1 & H4 at 1.13100 & 1.12600 before a continuation of the drop lower. Price dropped & formed lower lows on H1 & H4 at 1.10800 then retraced back to supply and the previous H1 high at 1.12600 which is the origin of the drop to the H1 & H4 lower lows. Price filled the 1st range from the major H1 & H4 supply zone at 1.13100 & 1.12600 to the 1st H1 & H4 low at 1.10800 and back to the major H1 & H4 supply zone. Price formed strong rejections on H1 & H4 with candle closes below supply followed by a strong bearish push confirming the bearish sentiment. Price has dropped 80 pips and still showing more bearish potential. I anticipate a potential continuation of the drop lower to the 1st target at the H1 & H4 low at 1.10800 and the next major target at the major H4 & daily demand zone at 1.09550.

Into USDCAD, price dropped into a major H4 & daily demand zone at 1.38460 & 1.37930 and consolidated at demand for a while. Price eventually gained enough bullish momentum and rallied by a strong push away from demand rallying to the 1st key high at 1.39700. Price rallied higher as it formed new higher highs on H1 & H4 at 1.40100 confirming the shift in market structure to bullish. Price then retraced back to the previous H1 & H4 higher low at 1.39100 and formed a minor demand where price failed to break below and instead rallied higher. I anticipate a potential continuation of the rally higher as price takes out the H1 & H4 higher highs and rallies to the next major H1 & H4 supply zone at 1.40900. 

Into USDCHF, price dropped deeper into the major H1, H4 & daily demand zone at 0.83700 & 0.83200 forming strong rejections on H4 with candle closes inside demand followed by a strong rally by a constant push away from demand. Price rallied strongly from demand and formed candle closes above demand confirming a potential bullish reversal. Price formed higher highs at 0.84250 then retraced to retest demand before a potential continuation of the rally higher. I anticipate a potential continuation of the rally higher and the 1st target is the H1 & H4 high at 0.84680 and the next target is at the next major H4 & daily supply zone at 0.85330 & 0.85680.

Into GBPUSD, price broke below a key H1, H4 & daily demand zone at 1.32770 & 1.32230 which is the origin of the previous rally to the major H4 & daily supply zone at 1.34300 & 1.33980. Price filled the H1 & H4 range from the key H1, H4 & daily demand zone to the major H4 & daily supply zone and back to the key H1, H4 & daily demand zone. Price broke below and formed lower lows at 1.31700 with candle closes below demand followed by a strong bearish push to the downside. Price retraced and rallied back to the zone and eventually broke above invalidating the previous anticipated bearish setup as it was a potential continuation setup. Price rallied strongly back to 1.33500 confirming the setup invalid.