Good day great traders,
It’s already the middle of the week and I am seeing some great trading opportunities in the market.
Pick up your hunting gears and let’s head into the charting forest.
1. GBP/USD
If you view GBP/USD on the daily time frame, you will observe that price is retesting a key support level (1.29405).
A breakout below this support level, will most likely send price to the next possible support level (1.28285).
If in any case, price is rejected by the present support level, the bulls may take charge and take price to resistance level (1.30319).
2. USD/CHF
Price on the USD/CHF has been finding it difficult to break through resistance level (0.99914) for the past two weeks plus
Finally, today’s bulls took charge and broke through the present resistance level. If today’s candlestick closes above the present resistance level, we should see price head to the next resistance level (1.00598).
A close of the daily candlestick below the present resistance level may cause price further choppiness.
3. CAD/CHF
This is a follow up to yesterday’s analysis. If you missed it, you can check it here
After CAD/CHF breakout from the daily trend’s resistance level, we saw the bulls take charge of this pair, however, during the New York session, the bulls lost steam and price came tumbling down.
Looking through the lenses of the 4 hours chart, a beautiful ascending channel has been formed, and price is currently resting on a key support level (0.76051).
My bias is strongly in support of the bulls. I believe the bulls will most likely take price above level 0.76420.
That said, if you trading this pair, ensure you get a confirmation before you commit to the trade.
Yesss, we have come to the close of our trading analysis for Wednesday. Join us here, same time, same arena.
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Till we see tomorrow, wishing you all a great day ahead.
