If you’re lookin’ for short-term setups on the Swissy, y’all may wanna check out today’s intraday charts update ‘coz I’m serving up a couple of chart patterns on USD/CHF and CAD/CHF in today’s intraday charts update.
USD/CHF has been trading every higher recently while apparently trapped inside that there ascending channel.
And presently, the pair is about to test the channel’s support area, which should be just below the area of interest at 0.9530. Y’all may therefore wanna get ready to start lookin’ for opportunities to go long on the pair.
However, just remember that there’s always a chance that the pair may stage a downside channel breakout.
Such a scenario seems unlikely at the moment, but just be ready to bail yo longs if the pair moves lower past 0.9430 since that would validate the breakout and may entice more sellers to jump in and push the pair even lower.
If you prefer to trade breakouts, then heads up ‘coz an ascending triangle has apparently formed on CAD/CHF’s 1-hour chart.
As the name implies, an ascending triangle is a bullish chart pattern, so we’re mainly lookin’ to go long if (or when) the pair moves higher past 0.7560, ideally on strong bullish momentum.
However, just keep in mind that there’s also a small chance that the pair may break to the downside instead, so y’all may wanna prepare for such a scenario as well. A downside break needs to smash lower past 0.7460 in order to confirm the breakout, though.
Whichever scenario plays out, just make sure y’all remember to practice proper risk management as always, a’ight?