General analysis
- USD/CHF continued its downward rally, but the price quickly reversed from the support zone towards resistance.
- In USD/JPY, sellers continue to pressure the market, but buyers continue to break their swings and try to push the market higher.
USD/CHF Chart Analysis
USD/CHF 15-minute chart (Source: TradingView)
On October 31, 2024, the pair was continuously in the selling zone, creating a choppy market condition. The price followed the channel pattern and retested the support zone, creating a channel pattern.
The price reversed sharply from the support area, indicating the strength of the area. In the trading session on November 1, we can see the price shoot up again to test the resistance areas and face rejection from the same. The price has tested the resistance area three times, indicating weakness on the trend line.
There are possibilities for multiple entries that a trader can plan for, and both buy and sell positions can be activated.
Recently, the price skyrocketed, indicating strong buyer interest. However, in just a 15-minute candle, the price rose, triggering instant profit-taking. This action can cause a price correction, providing more opportunities for new buyers to enter.
If you plan to enter, so We can use the Fib retracement tool to detect the entry.
- If the price reaches and retests the 0.6 and 0.5 levels and finds support at that level, then entry can be planned based on the targets of 0.86900, and if the resistance is broken, then You must use the trailing stop loss method, the stop loss will be fixed. be below the 0.5 level.
- If the price breaks the 0.5 level and closes below it, then the entry can be planned based on the close of the candle with the stop loss above 0.6 and targets at 0.86398 or up to the line. support trend.
- If the price hovers around the resistance trend line and creates a rectangular channel with 4-6 candles, then you can plan to buy a sideways entry if the price breaks the channel and closes above it with a stop below the previous low and the target of 0.87291. based on trailing stop loss.
EUR/GBP Chart Analysis
EUR/GBP 15-minute chart (Source: TradingView)
In the trading session on October 31, 2024, the pair is facing a massive price correction. On a higher time frame, the market broke the 0.5 Fib retracement level of the previous swing, indicating a trend change in the market.
After correcting the price on October 31, we observed a sharp correction accompanied by the formation of a cup and handle pattern. If the price approaches the 152.969 level, a cup and handle pattern will be activated.
The price continuously crosses the 0.5 level of the previous swing, indicating that buyers are not willing to leave the market to sell.
If an entry is planned, one should enter after the price reaches the level 152.969 and create a zone near the area. You can enter if the price breaks the zone and closes the candle, with the stop loss below the previous low and targets of 155.536 and 153.841.
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