Hello Traders,
A few days before the new year and I stumbled across a few setups that may materialize either next year or while we wait for the new year
Let’s hit the charts:
1. GBP/JPY
GBP/JPY still maintains 140.296 as a key resistance level.
Is this week going to present to us a bullish breakout?
If it does, then we may see price hit a previous resistance level (142.722)
2. GBP/CHF
GBP/CHF has been consolidating close to the support level 1.20410
This new week may present to us a bullish move if support level 1.20410 stand its ground.
Let’s not also forget that support level 1.20410 may also get a little bit of support due to the overall trend (ascending narrowing channel)
If that happens, price next bus stop will most likely be 1.21014
3. USD/CHF
I will call the USD/CHF a futuristic setup, and my reason for this would be:
First of all, the setup is on the daily chart
Secondly, price has just begun its bullish move with a possible intention to reach resistance level 0.90332
If this possible move happens, it may take us into the new year.
My major concern with this pair is price reaction when it finally hits resistance level 0.90332.
A reversal of price will be a very profitable trade to take as our expectations would be price revisiting support level 0.88286
4. USD/CAD
Pardon me if this setup looks more like an architectural design.
If you look closely, we may have a trade here before the new year. Price seems to be respecting a minor descending channel after it hit resistance level 1.29343. If the bearish engulfing candlestick still holds this week, we may see price re-visit support level 1.26955
That said, we should also be cautious, as price may break resistance level 1.29343 and price next move maybe 1.31040
5. CAD/JPY
On the CAD/JPY, price bounced off support level 80.203 last week.
Just before the market closed on Friday, we saw a bearish engulfing candlestick around resistance level 80.931
If this week’s market authenticates the last candlestick formed before Christmas, we may see price drop to hit support level 80.203
What say you?
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