Good day traders,
January is generally a crazy time to trade. My advice to traders is you either stay off the market completely or trade risking very little of your trading account.
That said,
Are you wondering what the market holds for us this Wednesday?
Let’s hit the charts…
1. EUR/CHF
EUR/CHF on the daily chart looks awesome.
A breakout through resistance level 1.13440 is visible. If the current candlestick closes this way, we may see a slight pull-back tomorrow before the bulls take price to the next resistance level (1.14481).
If the candlestick closes below the present resistance level, there may be a consolidation below/above the present resistance level before price makes any substantial move.
Note also that this pair is quite choppy, if you are taking this trade, ensure a decent stop loss is applied.
2. EUR/CAD
EUR/CAD on the daily time frame, is locked within a pennant on an ascending channel.
The big question is:
Will price breakout through the pennant’s resistance level (1.51863)?
If that happens. price will be free to embark on another bullish run to the next resistance level (1.53695).
On the contrary, if the present candlestick doesn’t break the current resistance level, we could see price bounce back to support level 1.50754.
This is what I call a 50/50 trade. If you taking this trade, a good money management system should be applied.
Before taking this trade, ensure your system gives you an adequate confirmation before you commit your hard earned cash.
Alright, we are done with today’s analysis. Please comment, we would love to have your own view. Share, if you got pip loving friends and family and subscribe, if you want to be piped daily.
Thanks for your sparing us your time, and do have a great day ahead.
