Overall Analysis
- USD/CHF in an uptrend with strong channel support; the pair stays strong on the daily time frame.
- USD/JPY breakout of the distribution zone; breaking the halt zone will decide the direction.
USD/CHF Chart Analysis
15 min time frame
On the 11th Nov 2024, the pair kept its rally strong towards the upside with +0.55% returns. Price continues upwards in a channel-like structure with a higher high and higher low pattern creation.
Looking into the daily time frame, price gave a breakout of a cup and handle pattern. The expected target is 0.90600, which is nearly +3.80% from the breakout point. Currently, on the daily time frame, price needs to take a halt or create an area to continue its rally after the breakout.
Price can be seen moving upwards in a channel pattern on the 15 min time frame, with higher high and higher low creation. Strength is visible in the 15 min time frame.
There are a few trigger points mentioned below:
- If price takes support from the ascending trendline and reverses, then buyers may consider entering the trade with a stop loss below the previous swing low and target till the resistance trendline or 0.88405 level.
- If price breaks the ascending support trendline, then sellers may consider entering after price closes below 0.87908 with a stop loss above the previous swing high and target up to the 0.87660 level.
USD/JPY Chart Analysis
15 min time frame
On the 11th Nov 2024 trading session, the pair created a range area where the price showed sideways momentum while respecting support and resistance. Price broke the channel upwards on the 12th Nov, later creating a retest zone above it. Price might move upwards if it breaks the zone.
Currently, on a daily time frame, price can be seen breaking out of a flag and pole pattern and retesting the exact support. Positional buyers may consider entering the trade with a stop loss below 152.142 and a target till the 157.493 level.
Looking at the price on a 15 min time frame, price broke out of its distribution phase and is currently making a halt above the 153.968 level.
If looking for an entry trigger, then a few are mentioned below:
- If price breaks and sustains above the 154.157 level, buyers may consider entering the trade with a stop loss below 153.968 and target till 154.357 and 154.666 on a trailing basis.
- If price breaks down the halt zone, then sellers may consider entering the trade with a stop loss above the previous swing high and target the 153.482 level.
