Check out the USDCHF 4-hour chart I posted above. The pair has been strongly rallying since mid-January and it seems to be aiming even higher. However, its uptrend seems to be losing steam as the pair pulled back for the past two days. The pair is inching closer to retest support around the 1.0490 to 1.0500 area, which was a former resistance level. If the pair bounces upon hitting this level and resumes its uptrend, it could climb all the way up to its recent high of 1.0643. On the other hand, if the pair breaches support at 1.0500, it could find support at the area of interest at 1.0385.
Yesterday, I showed you a daily chart of the USDCAD. Now, let’s zoom in and take a look at the price action on the 1-hour chart. The rising trend line connecting the lows of the pair has just recently been broken. After dropping to a low of 1.0570, the pair moved up in a failed attempt to land back above the rising trend line. It seems to be finding support at the previous low of 1.0570 and could climb back to retest the broken trend line. This time, it could rise all the way up to the 50% Fibonacci retracement level, which seems to line up with a support-turned-resistance level.
I spotted a rising wedge pattern on the 4-hour chart of the USDJPY pair. The price action has a downward bias since the formation is coming off a downtrend. Given this, it can find itself down just above 89.00 if and when it breaks the wedge’s support. Though, it can still reach the resistance around 92.00 if buying interest remains.