Good day traders,
The week is finally coming to a close, I can literally smell the weekend. I am sure there should be a smile on your face if you have been following our analysis.
Well, no time to waste buddies, let’s hit our charts and see if we can get some viable setups
1. USD/CHF
USD/CHF has been on a steady bullish move in the market just the way we analysed the pair on Sunday. If you missed out, you can check that analysis here.
Currently, USD/CHF is facing another resistance level (0.99109) caused by a descending trend line. Don’t forget that the overall trend on the daily chart is bullish. Waiting for a possible breakout of the present resistance level is paramount.
If the breakout occurs, we should see the bulls start another run to the next resistance line (0.99630).
There is a slight probability that a reversal to the next possible support level (0.98476) will occur, but if it does, COUNTER TRADERS, be my guest.
2. CAD/CHF
CAD/CHF is presently enjoying an overall bullish move.
Price is currently dealing with a key resistance level (0.74642) on the daily chart, and a breakout from the present resistance level, should take price to the next possible resistance level (0.75644).
Extreme caution should be observed if taking this trade. If you are not a good counter trader, I suggest you stay on the side lines. The bulls may not be too strong to drive the market to the next resistance level without some crazy whipsaws which may clear stop losses.
3. CAD/JPY
For a week plus, CAD/JPY has been forming a consolidation on the daily chart.
Presently, the bulls are revisiting resistance level 82.274 with some level of strength that looks promising. Don’t forget that the weekly chart is highly bullish. Hence, patience is greatly required for a possible breakout to occur before we commit.
If a breakout occurs, we should be seeing the next possible resistance level (83.686) get hit.
Though the chances of a reversal is slim,
but hey…,
There is nothing like 100% guarantee in forex trading, we deal daily with PROBABILITIES.
That said, if at all a reversal occurs, we should see support level 80.810 get hit.
We finally through with Thursday’s analysis, hope it was helpful?
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