CHF/JPY has been steadily trading lower while bouncing up and down inside a descending channel. However, the pair currently seems to have difficulty pushing past support at the 110.00 major psychological level (dashed line). If the 110.00 level holds, then the bulls may become enough to stage an upside channel breakout, especially since stochastic is beginning to point back up after briefly touching the oversold area, which implies that buyers may be jumping in already.
As y’all can see, NZD/CHF attempted an upside channel breakout but was quickly beaten back down into the channel and is presently making its way back down, so get ready if you are planning to go long near the channel’s support area. Just note that there’s a chance that the pair may go back up without testing the channel’s support, though, since the 200 SMA seems to be acting as dynamic support and stochastic is indicating oversold conditions to boot. But then again, there was enough selling interest to put an end to the upside breakout attempt, so the pair could still be in for more downside moves.
CAD/CHF has been grinding lower after breaking that rising trend line (dashed line). The pair even tried to climb back above the trend line on multiple occasions but failed every time. More conservative forex traders may wanna sit this one out for now, however, since price is currently testing the channel’s support area. For the more aggressive forex traders out there, just know that stochastic is pointing up and moving away from oversold territory, so the bulls may already be wrestling control from the bears.
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