Hello everyone,
It’s been fireworks in the market, I have been watching by the sidelines.
How has your day been?
Let’s hit our charts and see what lies ahead.
1. USD/CHF
This pair is quite cumbersome when judging all the trendlines plotted to catch price.
What we should focus on is the major support level (0.97183) which price is currently breaching.
If the daily candlestick closes way below the present support level, we may see the Bears coming in to pull price to the next possible support level (0.95420)
If the daily candlestick closes above the present support level, we should be looking at some form of consolidation of price before any considerable bullish or bearish move.
2. CHF/JPY
On the daily chart, CHF/JPY has a double breakout.
Though the second breakout will be confirmed after the close of the daily chart. If the daily candlestick closes with a breakout, there is every possibility we see price hit the next possible resistance level (111.555)
A close of the daily candlestick below the present resistance may present us with price consolidating between level 110.275 and 109.837 before we get to see any considerable move.
We are done for today…
Which of the pairs analyzed suits your trading plan?
