T.G.I.F Traders,
Alas, the first weekend of the new month is here.
This first week brought forth some decent moves in the market, I think we are officially out of the summer break (lol)
Let’s look at our charts once more before we hit the weekend, there seems to be some great setups waiting for us.
1. GBP/USD
On the daily chart, we had the GBP/USD bouncing off support level 1.20307 on Tuesday.
Resistance level 1.22984 seems to be struggling to contain price.
The close of the daily candlestick should give us a better confirmation of what price next move could be.
If the breakout is confirmed, we could be seeing resistance level 1.25872 as the next possible resistance level before the market closes on Friday
If for any reason we get a reversal confirmation, we could also be seeing price revisit support level 1.20307.
2. EUR/CHF
Overall the EUR/CHF has a bearish outlook.
On the 4 hours time frame, we could be seeing a potential reversal as price is within a descending channel and currently finding it difficult breaking out from resistance level 1.09123.
If a reversal has been confirmed, a potential +70 pips drop to the next possible support level (1.08183) is possible.
Alright ladies and gentlemen, we are done with our analysis for the week.
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It was a pleasure analyzing the chart this week with everyone, you could drop a comment or share our work if you have found our blog helpful.
Thanks a bunch and do have a pleasant weekend.
