The market showed some life today, at least compared to that of yesterday. There are a few potential setups I’d like to highlight as well as the AUDCHF trade that we’ve been following. But first I want to talk about CHFJPY as the pair has given us a lesson in price action by showing three different signals back to back.
Last Friday the market gave us a bearish continuation bar off of resistance. Then an inside bar formed yesterday as the market consolidated. To top things off we got a bearish outside bar today as the market broke below yet another level.
See the second chart for a 4 hour view.
CHFJPY 4 hour chart. From here the 112.62 area should provide resistance as the market makes its way to the next key support level at 111.70.
AUDCHF catapulted higher today taking out the first target. Kudos to those who traded this bullish pin bar as it really was an A+ setup.
We have some Aussie event risk this evening so we’ll see if the market can break above the year high and give us a look at the second target at .850.
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