Good day traders,
It’s another Wednesday guys, and I believe that Wednesday’s are sometimes days where you get to see great opportunities unfold.
Let’s hit our charts and see what’s popping.
1. AUD/CHF
On the daily chart, AUD/CHF broke out from a key support level (0.71466) last week Friday.
This breakout is yet to fully unfold. Is it a breakout?, is it a fakey?… These are questions only patience can answer.
If the intersection level (0.71649) is able to serve as a good resistance level, there is every tendency that the bears would take price to support level 0.70161. On the other hand, if the current intersection level serving as a resistance level, is not strong enough, price may break through, and the bulls may take price to the next resistance level (0.72836)
2. CAD/CHF
CAD/CHF on the 4 hours chart looks beautiful. There is a descending pennant forcing price to conform when hitting certain levels.
Presently, price is hovering around resistance level 0.74196. A bullish breakout from this level should take price to the next resistance level (0.74711), and a reversal at at level 0.74196 should inject more sellers into the market which will most likely take price to the next support level 0.73546.
In both trades, we need to exercise great patience in order to get a confirmation before committing.
Do have a great trading day ahead
