Hello traders,
Its the middle of the week, I can see two trading opportunities in the market. Let’s hit the charts.
1.USD/JPY
Price is currently touching a key resistance level (112.638)
A bullish breakout through this level should encourage the bulls to take price to the next possible resistance level (112.933).
There is also a tendency for price to reverse and hit level 112.289 as the next support level. If price breaks out from support level (112.289), we could see the bears taking price further down below level 111.808.
2. USD/CHF
USD/CHF on the 4 hours chart is locked within an ascending channel.
A strong 3 pm bullish engulfing candlestick has a great tendency to take price to the next resistance level (0.99842).
However, looking at the daily chart, there is a huge probability that price may breakout from support level (0.99021) and hit the next possible support level (0.98622).
Both of these setups have a 50:50% of going either way. Caution should be applied when dealing.
Do have a great day ahead
