Sup, dawg! If you’re a trend playa, then you may wanna check out today’s intraday charts update ‘coz I’m serving up a couple of channels on AUD/CHF and EUR/USD.
AUD/CHF’s price action has been tilting to the upside recently while apparently trapped inside that there ascending channel.
And presently, the pair is moving lower towards the channel’s support area at 0.7250. Y’all may therefore wanna get ready to start lookin’ for opportunities to go long on the pair. And all the more so, given that stochastic is already signaling oversold conditions and all that.
Of course, there’s always a risk that the pair may stage a downside breakout instead. However, the pair needs to smash lower past 0.72000 first before y’all may wanna think about bailing yo long (if any).
A channel has also formed on EUR/USD’s 1-hour chart. This one is a descending channel, though, so we’re mainly bearish on the pair.
And as y’all can see, the pair is currently testing the channel’s resistance at 1.1430, so y’all may wanna wanna start looking for opportunities to go short on the pair.
Looking at our technical indicators, however, we can see that them moving averages appear to be moving closer for a potential cross-over into uptrend mode. There’s therefore also a higher-than-average chance for a topside channel breakout. And if that bullish scenario plays out, then a move higher past the 1.1500 major psychological level would be a sign that bulls are winning out.
In any case, y’all just make sure to practice proper risk management as always, a’ight?