Good day traders,
Less than 48 hours to go for the month of October, and it’s an opportunistic Wednesday. Let’s hit the charts and see what Wednesday holds for us.
1. XAU/USD (GOLD)
Gold seem to have an impressive setup waiting for us.
On the daily chart, we have an ascending channel, and price is currently at the roof of the channel. After a bearish pin-bar appeared last week Friday, a bearish reversal became imminent.
On the 4 hours chart, there was also a bearish breakout from an ascending channel at level 1225.45. A pullback also occurred, and the bears should take price to the next support level which is below 1216.05.
2. USD/CHF
On the daily chart of USD/CHF, price is presently touching a key resistance area for the 4th time in exactly 12 months today (shocking).
The big questions are:
- Will the resistance bounce price off the present resistance level (1.00473) to a support level below level 0.99753? or
- Will price breakout from the present resistance level to hit the next resistance level above 1.00983?
These questions can only be answered if we are patient enough to wait for a confirmation.
3. GBP/CHF
GBP/CHF was analysed on Sunday through our weekly analysis, you can check that here
As we predicted, there was a pull-back on Monday, today Tuesday is more focused around a bearish breakout as seen on the 4 hours chart.
There is every likelihood that the bears would take price to the next support level which is below 1.26758.
Today’s analysis is pretty straight forward as most of the trades have been confirmed, all we need is a sound money management technique.
With today’s analysis, we say goodbye to October, it was a great trading month for us.
Do have a great day ahead and please comment and share.
