Good day traders,
Some crazy moves occurred in the market today, kudos if you were able to capture some pips, if not, we still got so many opportunities lined up in the market for us.
So, let’s get right into business.
1. USD/CHF
USD/CHF on the weekly chart had a bearish run 2 weeks ago, especially after breaking out from a key support level (0.97414). Last week’s scuffle between the bulls and the beers ended up with a tie.
In my opinion, the bearish run ought to continue this week judging from the weekly chart, but we don’t know how far the pull-back would go before continuing in its bearish move.
However, if price breaks out from the resistance (0.97566) on the 4 hours chart, we should see the next resistance level (0.98616) hold price and if on the other hand, the presents resistance level rejects price, we should see price on a bearish move to support level (0.96369).
2. EUR/CHF
EUR/CHF had an impressive bullish run today. It broke through a first resistance level (1.12404) and continued its journey to the second resistance level (1.13192) which coincidentally aligns with the 50% Fibonacci retracement level.
If price successfully break through the resistance level, we may likely see price touch resistance level 1.13633. On the other hand, if the current resistance level holds, we will definitely see price hit support level 1.12404.
NOTE:
Remember confirmation before taking any trade is very necessary in order to avoid false breakouts or reversals.
That said, do have a great day ahead
