Hello traders,
there are some amazing setups lined up for today, let’s hit the charts:
1. GBP/CHF
We can see an expanding ascending channel on the GBP/CHF.
We can also see a consolidation within the support zone which could be the genesis of price reversing and probably head back to resistance level 1.27106.
At this point, a bearish breakout is also possible. Meaning support level 1.25665 could get hit.
2. CAD/JPY
The CAD/JPY has almost the same setups as the GBP/CHF. The only difference is that:
On the CAD/JPY we have a narrowing ascending channel, and price is currently testing the second support (86.726) level after breaking through the channel
We should also take note of price currently resting around the Golden ratio (50% & 61.8%), hence reversal may most likely occur at the current level, which may take price back to 87.486
However, if the golden ratio serving as a support level fails, then we may see price further drop to the next possible support level (85.750)
What say you?
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