I’m serving up a comdoll + Swissy + channel triple special in today’s intraday charts update. How awesome is that?
AUD/CHF’s price action has been tilting to the upside lately while apparently trapped inside an ascending channel. And presently the pair is making its way to the channel’s support area, which should be at or just above 0.7630.
However, there’s a chance that support may form earlier since the pair appears to he hesitating at the area of interest at 0.7660. Moreover, stochastic is signaling oversold conditions and all that.
Well, whether support forms at 0.7660 or at 0.7630, just make sure to observe how the pair reacts when it reaches 0.7720 since bearish interest appears rather strong there.
Also, if support fails to form and the pair stages a downside channel breakout, just be ready to bail if the pair clears the 0.7600 major psychological level since that would validate the breakout.
That there descending channel on NZD/CHF’s 1-hour chart ain’t exactly fresh since we first played it way back on October 23.
Back then the pair was testing the channel’s support area, so we were waiting for a chance to go long on the expectations that the pair will swing higher while shooting for the channel’s resistance area somewhere between 0.6980 and 0.6950.
Anyhow, the pair sure took its time, but it did finally move back up, so congratulations if you were able to ride the upswing. Aww, yeah!
And while the pair has yet to test the channel’s resistance area, the pair already appears to be hesitating at the area of interest at 0.6920, so there’s a chance that the pair may be moving back down again soon.
Do note, however, that stochastic ain’t signaling overbought conditions yet, so the pair may still move higher to test either 0.6950 or 0.6980. But if the pair goes above 0.6980 and takes out 0.7030, then y’all may wanna think about bailing yo shorts on the pair.;
In any case, just make sure to practice proper risk management like always, a’ight?