This week, the market offers some nice price action hints that could give very favorable opportunities. Charts in focus for the week are GBPUSD,GBPCHF, USDJPY and CHFJPY.
GBPUSD:
Ever since this market started trending down from the 5th of November, it hasn’t moved much, it has rather been locked in a wide trading range in a structure that looks like a triangle. I’m anticipating a breakout within the course of this week.
We can also look at this very pair from another angle by tweaking the triangle’s resistance. By doing so, we are presented with a channel that is weakly trending down.
GBPCHF:
This pair has actually broken out of a descending channel support. If this break is not a false one, then it will be a little bit safe to say that we are in for a heavy down move. My bias on this very pair is totally bearish until proven otherwise.
USDJPY:
The USDJPY pair has been in an uptrend ever since it found a strong support in the late days of March. On Friday, it lifted off trendline support sharply after falling on it. Whether it will continue trending up or breaking down is a matter of observation within the course of this week.
CHFJPY:
On a careful look on this pair, we can actually see an up-channel brewing. Price is currently caught in the middle of the channel so there’s not much to do for now. However, if there’s a retest of channel support in the early hours of the market, it would be a good opportunity to go long. I’m slightly bullish this pair.
GBPCHF however is my pick of the week.