Happy Sunday everyone,
Another month is upon us, another quarter is about to begin, another challenge has been given.
So, what’s it gonna be?
I would have loved to say:
It will be a walk in the park or we will do well at the end of the second quarter, but the reality is:
It takes a tone of discipline to spew such words with confidence, especially when you know you are playing a game against some of the best traders and robots in the world.
That said,
Let’s see what the market holds for us in the first week of the month of April.
1. EUR/CHF
Finally, there is a support breakout (1.11838) on the EUR/CHF.
This support breakout could be a major reason to be happy this new month. If you still wondering why.
This is the reason:
- Price has been trying to break the present support level since September 2018
- Price has tested the present support level twice (making it an important support level) before the breakout
- The bears seem to still have a significant level of strength to take price further south.
With this breakout, we may most likely see price hit its next support level (1.07343).
2. CAD/CHF
Price on the CAD/CHF is not finding it easy breaking the key resistance level (0.74715) of a descending channel.
If the week resumes with price still showing weakness to the present resistance level, there will most likely be a reversal and price may most likely revisit support level 0.73921.
However, if the Canadian dollar resumes with strength after the opening of the market and price breaks the current resistance level, we may most likely see price level 0.75146 as the next resistance level.
3. CAD/JPY
Price pattern in CAD/JPY is similar to that of CAD/CHF.
The only difference between CAD/JPY and CAD/CHF is that:
If resistance level 83.240 stays strong or fails, CADJPY has a more distinct N.P.S.L and N.P.R.L.
Remember…, tomorrow is April fool’s day.
Stay safe in the market and be patient before executing any trade.
