Yo! If you’re lookin’ for more short-term chart patterns, then I’ve got your fix ‘coz I’m serving up a channel on USD/CHF and a triangle on CAD/JPY in today’s intraday charts update.
As y’all can see, a fresh descending channel has recently formed on USD/CHF’s 1-hour chart.
And presently, the pair is testing the channel’s resistance at 0.9670. And resistance appears to be holding, y’all may therefore wanna start lookin’ for opportunities to go short on the pair.
Moreover, if we look at our technical indicators, we can see that them moving averages are still in downtrend mode. Stochastic, meanwhile, is already moving back down after visiting the overbought area.
But as usual, do keep in mind that there’s always a slim chance for a topside channel breakout. And if that happens, then just be ready to bail yo shorts and/or switch to a more bullish bias if the pair clears 0.9700 on strong, bullish momentum.
CAD/JPY’s recent price action has been tapering into a point. And in the process, a symmetrical triangle has formed on its 1-hour chart.
If what we’re lookin’ at is a pennant, then our main directional bias is to the upside. And we’re waiting for a clear break past 0.8740, with the expectation that the resulting rally will likely have enough momentum for a 190-pip move.
But if that there is a symmetrical triangle, then we shouldn’t have a strong directional bias on the pair since a downside breakout past 86.90 is also a likely scenario.
In any case, y’all just make sure to practice proper risk management as always, a’ight?