Good day trader’s
Welcome to the last Tuesday of the month of September. The market is still considerably slow, however, if you have been following our analysis, there should be some interesting setups you most have keyed into.
Without wasting any more of your time, let’s look at what the market has for us.
1. GBP/CHF
Last week Friday, the market closed with the GBP/CHF having a strong bearish outlook on the daily chart.
Monday’s market presents us with a pull-back, which is currently on a key resistance level (1.26256) on the 4 hours time frame. If price breaks this resistance level, we may most likely see price hit level 1.27154, which is the next resistance level.
If price is rejected by the current resistance level, we should see price hit the next support level (1.25131)
NOTE: Mind you, this particular setup is a pull-back, my bias on this pair is currently bearish. We would need a good confirmation if at all we are going to take this trade.
2. EUR/CHF
On the daily time frame, EUR/CHF has broken out of a descending trend line.
If you narrow the EUR/CHF to the 4 hours chart, you will observe that price is presently touching the roof of a horizontal channel (1.13192), this would be the second resistance level to be tested after the daily trend line was broken.
If this present resistance level is broken, we should be seeing price on a bullish run to the next resistance level (1.13633). On the other hand, if price is rejected by the present resistance level, we should see price re-testing a former support (1.12404) level.
If you have contrary views to ours, or if our analysis have been of great assistance to your trading gig, kindly comment and share
Do have an awesome day ahead
