Hello traders,
how has your trading week and month been?
I have some good setups for today, let’s see if they will play out
1. EUR/CHF
We can see price giving us a steep downtrend on the EUR/CHF. The descending trendline serving as a resistance level is holding up well.
The key support zone has also done well for over a month. The last time the support zone was broken, it was a few days after Christmas. Probably the guards holding the gates were suffering from a lil hangover.
Today we are seeing a strong bearish candlestick on the 4 hour time frame revisiting the same gates that was once broken a month ago.
Do you think the bears will succeed?
If they do, price will most likely hit 1.03339 as the next possible support level, and if it never happens, I will be waiting for price to break the descending trendline before joining the buyers to ride price to the next possible resistance level (1.04219)
2. NZD/JPY
The lower highs and lower lows of NZD/JPY has made me focus on the key support zone of this setup.
One thing to note is that the market is quite choppy on this pair, so if we do get a breakout below the key support zone, then our next two possible bus stop for price would be 76.750 and 76.107
What say you?
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