Daily Price Action
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Price Action Setups: CHFJPY Gives Us a Lesson in Price Action

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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 daily forex chart

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.

chfjpy 4 hour forex chart

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.

audchf daily forex chart

USDCHF Analysis

usdchf daily forex chart

EURCAD Analysis

eurcad daily forex chart

EURGBP Analysis

eurgbp daily forex chart

 

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