Weekly market analysis: USD/CAD, GBP/CHF & CHF/JPY

Hello traders,

let’s hit them charts:

1. USD/CAD

The ascending trendline on the USD/CAD beautifully served its purpose last week. Before the close of last week, we saw two things actualized:

1. The 200 ma was broken effortlessly, which means that the bulls are aggressive
2. The key resistance zone was also broken effortlessly, further authenticating the strength of the bulls

This week I will be looking for bullish entry to NPRZ.

2. GBP/CHF

There was a good bounce off the key support zone last week, but Thursday closed with a huge retracement, while Friday gave buyers fresh hope after closing with a dragonfly-doji

If you ask me about this setup, I will tell you that the key support zone should be extremely week now, after price has bounced off it over 5 times in a little over 4 months.

There are two ways we could trade this setup:

1. If opportunity presents, we could take a short buy to NPRL
2. If price breaks the over 4 months old key support zone , we could also join sellers to NPSL

3. CHF/JPY

Looking at the CHF/JPY, My bias is still bearish, and I still maintain my bearish position. If the key resistance zone gets broken this week, then 159.587 will be my next focus.

That said, if a reversal kicks in, then NPSZ will be price next possible bus stop

What say you?

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