Intraday Forex Charts Update – Nov. 24, 2015

USD/CHF: 1-Hour

USD/CHF: 1-Hour Forex Chart

USD/CHF: 1-Hour Forex Chart

What do we have here? Looks like price has failed to move past resistance at the 1.0220 handle and a double top is now forming on USD/CHF’s 1-hour forex chart. Did I just say a double top? Quick, sound the reversal alert! On a more serious note, our moving averages are still in uptrend mode, with no signs of crossing-over into a downtrend anytime soon. Stochastic is still pointing down, though, so forex traders who are bearish on the pair are probably still in control. In any case, if this forex chart pattern gets validated, then price can move down for around 90 pips from the neckline at 1.0130 since that is roughly the height of the pattern.

GBP/CHF: 1-Hour

GBP/CHF: 1-Hour Forex Chart

GBP/CHF: 1-Hour Forex Chart

No fancy chart patterns for this one. This here is a plain vanilla break-and-retest setup. Well, it ain’t exactly plain vanilla since we’re coupling it with a Fibonacci retracement setup. Anyhow, price broke past resistance around the 1.5320 handle with sufficient and convincing momentum before finally getting repelled and subsequently pulling back when it reached the 1.5570 handle. Presently, price is back at the resistance-turned-support area at the 1.5320 handle. And if we apply our Fibonacci tool, we can see that said price area sits right smack on the 50% retracement level. Yee haw! Stochastic is promising, too, since it’s already indicating oversold conditions, and the moving averages are also indicating a healthy uptrend. The only worrying thing is that price has been closing below the 100 and 200 SMAs, which could be a sign of strong bearish interest.

CHF/JPY: 1-Hour

CHF/JPY: 1-Hour Forex Chart

CHF/JPY: 1-Hour Forex Chart

Up, down, up, down, bouncing all around! CHF/JPY has been steadily moving lower while bouncing around inside a pretty obvious descending channel. Y’all already know what I’ll say, but I’ll say it anyway – the most conservative way to play a descending channel is to look for selling opportunities near the top of the channel. And lucky us since that’s where price is currently at. Looking at our technical indicators, we can see that the moving averages are clearly in downtrend mode. The only worrying thing is that stochastic is still moving up and it’s still a bit far from overbought territory, so there’s a chance of an upside channel breakout. In any case, just make sure to practice proper risk management should you find a trade based on this or any of the other charts, okay?

Forex Chart Settings:

Slow Stochastic: 14,3,3
100 SMA: Blue line
200 SMA: Red line

To get the complete picture and avoid getting blindsided by economic data, you also have to do your fundamental analysis. Lucky for us, Pip Diddy fills us in on what we need to know about fundamentals with his Daily Forex Fundamentals