Oh my, is that a head and shoulders chart pattern I see on the 4-hour timeframe of EUR/JPY? If it is, a close below neckline support around 123.30 could mean that the pair is on its way down to 120.00. Don’t get ahead of yourself shorting the pair like crazy though! Stochastic indicates that the pair is already oversold. If there are enough bears in the market, we could see EUR/JPY skyrocket back up to 127.00.
You up for a Fib play? Feast your eyes on this beauty! USD/CHF staged an upside break out of the range it had been stuck on for a good couple of days. But it would seem that the pair has pulled back 38.2% and 50% Fibonacci retracement levels to test the previous resistance area. Do you think support will hold and the pair would soon rally past .9250? Or will it break and USD/CHF could drop down to .9150?
Last but not the least, here’s GBP/CHF for y’all! With the pair is now lookin’ like its testing resistance at the falling trendline, this could be your chance to jump in on the downtrend! That is, of course, if resistance does hold. A strong break above 1.4300 could mean that GBP/CHF would soon trade around 1.4400 so be careful!
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.