Intraday Forex Charts Update – August 15, 2016

NZD/CHF: 1-Hour

NZD/CHF: 1-Hour Forex Chart

NZD/CHF: 1-Hour Forex Chart

First up on today’s Swissy + comdoll + channel triple combo is that there ascending channel for NZD/CHF. As y’all can see, price is currently testing the channel’s support area, so those of you who are on bullish on the pair may wanna start looking for opportunities to go long. Do note that stochastic is presently pushing away from the overbought area, though, which could mean that bears are taking control and may even attempt a downside channel breakout. The moving averages are in uptrend mode, though, and the 200 SMA could still hold as dynamic support.

AUD/CHF: 1-Hour

AUD/CHF: 1-Hour Forex Chart

AUD/CHF: 1-Hour Forex Chart

Next, check out that descending triangle on AUD/CHF’s 1-hour chart. The pair recently bounced lower after testing the channel’s resistance area and it’s still some distance away from the channel’s support area. It’s therefore probably not too late to jump in, if you’re bearish on the pair. Looking at our technical indicators, stochastic is pointing down, which implies that bears are still in control. The moving averages, meanwhile, are coming closer together for a potential cross-over into downtrend mode, which also support our downside directional bias.

CAD/CHF: 1-Hour

CAD/CHF: 1-Hour Forex Chart

CAD/CHF: 1-Hour Forex Chart

This one’s a bit different from the others in that a trend play is not yet available. You may want to put this setup in your watchlist, though. Anyhow, the pair is currently milling about at that there ascending channel’s resistance area. However, there’s a better-than-average chance that the pair may be going back down since the channel’s resistance area lines up with 0.7540, which is a price area with significant interest, even on the higher time frames. Also, stochastic has been signalling overbought conditions for some time. Again, the available setup on this channel is a counter-trend setup, so only forex traders who are gangsta enough should try going short while more conservative forex traders should wait for a retest of the channel’s support area.

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.