Happy Sunday Fellow Traders,
How did your weekend go?
Let’s see if we could pick a setup or two and follow through during the week.
1. USD/JPY
On Friday, price on USD/JPY hit a key support level (109.64).
If the present support level is broken, we could see price hit the next possible support level (107.535).
If we resume the week seeing the Bulls establishing their strength, there is every possibility that price may hit the next possible resistance level (111.003).
2. EUR/JPY
EUR/JPY closed on Friday with the price hitting a key support level (122.486) within a descending channel.
If the market resumes with the Bulls still having enough juice in them, we may see price hit the next possible resistance level (126.264).
Though, I must say that I am not a fan of such setups if it turns out to be a bullish market.
My reason is that the EUR/JPY setup is a downtrend, and in such trends, I look for the Bears to hunt down, rather than Bulls.
However, if the Bulls come out strong tomorrow, and hunting Bulls in such a setup is your thing, then, by all means, be my guest.
3. USD/CHF
USD/CHF on the daily chart closed on Friday with price resting on a key support level 1.01091.
If price breaks the support level, we may see price hit 1.00082 as the next possible support level before the week runs out.
That said, let’s not forget that, we could also be seeing a potential reversal at the present support level this week. If it happens, price may most likely hit 1.02251 as the next resistance level.
4. EUR/CHF
EUR/CHF on the 4 hours chart is resting on a key support level (1.13589).
Personally, if I were to take this trade, I will wait for a breakout confirmation, which will further confirm price hitting the next possible support level (1.13154).
or
Wait for a reversal confirmation, which will further confirm the strength of the bulls and drive price to the next possible resistance level (1.14193).
In all of these setups, we advise that patience should be our watchword, as the open of the market is always plagued by uncertainties.
Wishing everyone a pip-full week ahead and do stay tuned to our daily market setups.
