Intraday Forex Charts Update – Apr. 1, 2016

NZD/CHF: 1-Hour

NZD/CHF: 1-Hour Forex Chart

NZD/CHF: 1-Hour Forex Chart

As I keep saying again and again, one of the more conservative ways to play an ascending channel is to look for opportunities to go long when price is near or at channel’s support area. And lucky us since that’s where price is currently at. Looking at our technical indicators, we can see that stochastic is already indicating oversold conditions while the moving averages have already crossed-over into uptrend mode. It even looks like the 200 SMA is acting as dynamic support, which is another technical argument for our bullish bias. It also means that there’s a chance that price will go back up without actually testing the channel’s support area, so keep that in mind.

CAD/CHF: 1-Hour

CAD/CHF: 1-Hour Forex Chart

CAD/CHF: 1-Hour Forex Chart

The pair got violently rejected when it reached the 0.7580 handle and attempts by the bulls to push price higher has been met by grim resistance from sellers. As a result, a rather messy-looking descending channel has now formed on CAD/CHF’s 1-hour chart. Price is currently testing the forex chart pattern’s support area, though, so more conservative traders may wanna sit this one out for now. For the more aggressive traders who are thinking about going long on the pair, just know that stochastic is already indicating oversold conditions, but do note that it’s still pointing down, so bears may not be out of steam just yet.

CHF/JPY: 1-Hour

CHF/JPY: 1-Hour Forex Chart

CHF/JPY: 1-Hour Forex Chart

CHF/JPY has been grinding higher while trapped inside an ascending channel, as y’all can see on that there chart. However, price hasn’t retested the channel’s support area for some time now. In fact, price has been using the mid-channel area as support in the past few days. The pair also recently tried an upside channel breakout, but it was quickly capped and price is now back in the channel, so perhaps it’s time for the pair to go back down. Stochastic is also already pointing down. The only worrying thing is that the moving averages are indicating a strong uptrend. And the 100 SMA has even been acting as dynamic support. 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.