Good morning folks.
I welcome you all to Thursday.
While trying to look out for viable setups in the market yesterday, the news release on the US dollars shattered almost every setup so fast that I decided to postpone any analysis until this morning when all the dust would have settled.
So, you want to see, what I was looking at?
Let’s hit the charts…
1. EUR/USD
The EUR/USD finally broke out from the daily descending channel after almost a week of trailing this bad boy.
Let’s not get too excited because it was yesterday’s news that brought about the breakout.
Presently price rests slightly above a key resistance level (1.14185). The next most likely move should be a retracement, but we don’t know how far down it will go, and if the retracement is over, we also don’t know how much steam the Bulls have left.
Using the chart to judge previous moves of the EUR/USD, we will realise that after the present price level, the next resistance level (1.15150) is not really certain.
If you were planning to take this trade. I suggest you tread cautiously.
2. CAD/CHF
CAD/CHF finally breaks through an ascending trendline (0.74629).
Let’s not forget to see the bigger picture of this setup. Price is within a massive descending channel (which supports the lookout for a bearish move ).
CAD/CHF breakout of the present support level has a great tendency to encourage the Bears to push price to the next support level (0.73712).
That’s all we have for today.
Join us again tomorrow for more juicy setups, ensure you subscribe so that you don’t miss a thing.
Do have a pip-full day ahead.
