Intraday Forex Charts Update – Mar. 4, 2016

CAD/CHF: 1-Hour

CAD/CHF 1-hour Forex Chart

CAD/CHF 1-hour Forex Chart

After several attempts, CAD/CHF finally managed to break past resistance at the 0.7300 major psychological level, only to meet more sellers when the pair reached the 0.7450 minor psychological level. Presently, price is edging ever lower, giving us a potential break-and-retest setup to play with. If we apply our Fibonacci tool, we can see that the former resistance area at 0.7300 lines up very nicely with the 50% retracement level, so that’s a retracement level to watch. Another level worth watching is the 38.2% level since the 200 SMA could potentially act as dynamic support.

GBP/CHF: 1-Hour

GBP/CHF 1-hour Forex Chart

GBP/CHF 1-hour Forex Chart

If you’re bearish on the pound or bullish on the Swissy, then this setup is for you. As y’all can see, price got violently rejected when it reached the 1.3730 handle, causing price to pullback to the support-turned-resistance area at the 1.4050 minor psychological level, which happens to be right between the 50% and 61.8% Fibonacci retracement levels. Looking at our technical indicators, stochastic is currently pointing up, but it will potentially reach overbought territory soon, which may entice some sellers to start coming in. The moving averages have crossed over into uptrend mode, however, which is a bit worrying.

CHF/JPY: 1-Hour

CHF/JPY 1-hour Forex Chart

CHF/JPY 1-hour Forex Chart

Finally, we’ve got yet another break-and-retest setup on CHF/JPY’s 1-hour chart. Price broke past support at the 114.80 handle, but found support another support area at 112.50. The pair then tried to assault the aforementioned support area on several occasions, but kept failing and was pushed higher back to the former support area at 114.80, giving us a textbook break-and-retest setup. The moving averages are already indicating an uptrend, though, so do be careful since that and the fact that buyer interest seems strong may mean that buyers are gearing up for a possible upside 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