Hello Traders,
It’s almost midweek here.
The market has been quite slow, hopefully, it gathers momentum as we progress into the week.
Let’s get into our charts and see what Wednesday holds for us.
1. EUR/CHF
The EUR/CHF has a bullish outlook on the daily chart.
On the 4 hours time frame, we can see that resistance level 1.09616 is a critical level for price to break if we are to go bullish.
Once price breakouts from resistance level 1.09616, price next resistance level would be 1.10615.
There is also a possibility that price could bounce between price levels 1.09616 and 1.09071 before a bullish breakout.
2. CAD/JPY
On the daily chart of the CAD/JPY, we have a descending channel and pennant dictating price movement.
Price could go either way in this setup, all we have to look out for are key breakouts and reversals.
If resistance level 81.931 is broken, price’s next bus stop will most likely be 83.212 and if a reversal is confirmed, there is a huge possibility that price will re-visit support level 79.669
We are done with our analysis for today, do join us again tomorrow for another market update.
As always, stay pip-full
