3 Promising FX Setups With Stronger Swiss Franc And Weaker Yen
Today’s setups are a bit odd. We start with the two occasions on the AUD but the thing is that one is bullish and the other one is bearish. How is that possible? Well, it means that second currencies in the pairs are the main drivers of those movements. Let’s see.
We will start with the AUD/CHF, where the situation is bearish and the price broke major supports. First of all, AUD/CHF broke the lower line of the symmetric triangle pattern. What is more, in the same time, we broke the horizontal support slightly below 0.71. Currently we do have a typical pullback but as long as we stay below those two resistances, the sentiment remains negative.
Second pair is the AUD/JPY, where we do have a buy signal. It comes from the fact, that the pair broke the upper line of the wedge pattern and bounced from the upper line of the ascending triangle pattern. The movement towards the horizontal resistance on the 79.8 is very probable.
That brings us to the third instrument. From the above, we can assume that the CHF/JPY should be very strong…and it is! The price is in the nice up trend after breaking the upper line of the triangle. Yesterday, CHF/JPY broke two major resistances, horizontal and dynamic one. With this, it seems that the sky is the limit.