Sunday, March 26, 2023
HomeForexChart Art: Support and Resistance Levels on Silver and CHF/JPY

Chart Art: Support and Resistance Levels on Silver and CHF/JPY

Whether you’re into trading forex or commodities, I’ve got you covered with these setups on these 4-hour charts!

Check out this CHF/JPY triangle and silver’s retracement levels.

CHF/JPY 4-hour Forex Chart

Don’t miss out on this fresh descending triangle setup yo!

CHF/JPY has formed lower highs and found support at the 143.50 minor psychological mark. Another test of the resistance seems to be in the works, and sellers might defend the ceiling again.

What are technical indicators saying?

The 100 SMA is below the 200 SMA to hint that resistance is more likely to hold than to break. The 200 SMA dynamic inflection point is even near the triangle top to add to its strength as a ceiling.

Also, Stochastic just made it to the overbought region to reflect exhaustion among buyers, so turning lower would confirm that sellers are back in the game.

If you’re planning on shorting, look out for reversal candlesticks around the 147.00 handle since this lines up with a former support zone, too!

XAG/USD 4-hour Forex Chart

XAG/USD 4-hour Forex Chart

Feel like hopping in trends this week?

Here’s a neat textbook setup on the 4-hour time frame of silver that’s too shiny to pass up!

The precious metal has formed higher lows connected by a rising trend line that’s been holding since mid-November.

Another dip to support is taking place, and the Fibonacci retracement levels show where more buyers might be hanging out.

Price is already testing the 50% Fib that’s right around a resistance-turned-support zone. A larger correction could reach the 61.8% level closer to the trend line and 100 SMA dynamic inflection point.

This faster-moving SMA is above the 200 SMA to indicate that bullish vibes are present while Stochastic is sliding into the oversold region.

If any of these hold as a floor, XAG/USD could make its way back up to the swing high and beyond!




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