Word up, peeps! The chart pattern party ain’t over yet ‘coz I’m serving up a wedge on CAD/CHF and a channel on EUR/CHF in today’s intraday charts update.
First up is that there descending channel on EUR/CHF’s 1-hour chart. And as y’all can see, the pair just recently bounced off the channel’s resistance area at 1.1560.
But before y’all decide to start lookin’ for opportunities to go short, I just wanna point out that stochastic is already signaling oversold conditions and all that.
There’s therefore a higher-than-average chance for an upside channel breakout. So y’all may wanna take that into account. Although a topside breakout needs to move higher past 1.1590 before the breakout is actually confirmed.
If you’re less of a trend rider and more of a breakout chartist, then feast your eyes on that there falling wedge on CAD/CHF’s 1-hour chart.
A falling wedge is generally considered a bullish pattern. And since the trend before the pattern formed is a downtrend, then that means that the falling wedge also serves as a reversal pattern. So, reversal alert, yo!
Anyhow, if the pattern does break to the upside, then it still needs to clear 0.7520 before y’all can sit back and chillax. Otherwise, the risk remains high that the breakout may ending up being a fakeout instead.
Do note, however, that even though a falling wedge is considered a bullish pattern, there’s always a chance that the pair may break to the downside instead. Y’all may therefore wanna plan ahead for a possible downside break past 0.7390.
Anyhow, just remember to always practice proper risk management, a’ight? Peace, y’all!