Matt Simpson | Apr 23, 2014 08:23AM ET
/h3
Pairs to Monitor: EUR/GBP, GBP/USD, EUR/USD, USD/CHF
USD/CHF: Confirmed bearish wedge; Initial target 0.8813
Yesterday's analysis worked out well as it hit both our lower timerame short target and higher timeframe bullish target, respecting the key levels of S/R along the way.
We appear to have broken out of the bearish wedge and now trading beneath the daily pivot. Scalpers could consider bullish setups towards the daily pivot.
CAD/JPY: Bear flag below resistance
As this is on the daily chart this leaves more time to plan your entry.
The price action is oscillating wildly between a $5 range and currently mid-way between this range. Yesterday produced a Hanging Man Reversal below resistance level and now trading beneath yesterday's low.
The potential flag projects a target around the 90.0 lows; however the pattern would have to be reconsidered above 93.3 resistance.
Flags are particularly messy patterns to trade, so an option is to trade on lower timeframes in direction of the bearish target, seeking trend on H4, H1, or H15 etc.
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