Good day traders,
It’s Tuesday and the trading week has officially begun. Without wasting any much of our time, let’ head right into our charts.
1. CAD/JPY
On the daily chart, CAD/JPY is currently sitting on an ascending support level (85.185). This is the fourth time this support has been hit, and this makes the current support level weaker than the previous
We may be seeing a breakout from the present support level to the next support level (83.805). However, the current support level may succeed in bouncing price back to resistance level 86.712.
2. GBP/CHF
GBP/CHF on the daily chart has begun a strong bearish move to a key support level (1.27703), which is also an intersection level.
After the 11pm candlestick has been formed, if we observe a breakout through the present support level, we may see bears take price further down to its next support level (1.25903).
if price refuses to break the current support level, we may need to wait for a confirmation of a breakout or a reversal which may take price on a bullish move to a previous resistance level (1.29483).
NOTE: In all of these trades, caution should be applied as non has been confirmed. Wait for confirmation before pulling the trigger.
So, we have come to the end of yet another analysis. Kindly share, comment and subscribe to our newsletters.
Do have a great day ahead.
