T.G.I.F Traders,
Let’s hit the charts one more time before we set off for the weekend
1. EUR/CAD
For a little over a month, price on the EUR/CAD has continuously respected a descending channel until today’s 1.55777 resistance level breakout.
Currently, price is testing a second resistance level (1.56455), and if we get a breakout of price through this level, we may most likely see the bulls push for the next possible resistance level (1.57336)
Mind you, we need a breakout for all that to happen, if not and we get to see a reversal of price at the current level, then we may see support level 1.55777 retested.
2. CAD/CHF
CAD/CHF disrespected a long-standing ascending trendline which served as a key support level.
Presently we are seeing price trying to break out from a minor support level (0.68931). If the breakout materializes, sellers may most likely push price to the next possible support level (0.68507)
We should also be wary of possible pull-back which could take price back to resistance level 0.69336
What say you?
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