The dynamic world of forex trading is constantly evolving, offering traders a plethora of opportunities to capitalise on currency fluctuations. In recent developments, the EURCAD and GBPJPY setups have reached completion, garnering the attention of astute traders. 

While these setups present potential trading prospects, the focus now shifts to the awaited GBPCHF setup, which could offer new avenues for traders seeking profitable trades. In this article, we explore the current state of the EURCAD and GBPJPY setups and delve into the anticipation surrounding the GBPCHF setup.

The EURCAD Performance 

(UPDATE) - EURCAD dropped +130 pips

The recent price action on EURCAD provided the confirmation that traders were waiting for. The market broke below the previous support zone around 1.46476 and created a lower low. The price action gave traders the possibility of a retest and trading opportunities. At the moment the market dropped +130 pips. Traders will want to hold on to the position until it hits the target of around 1.44000.

The GBPCHF Performance

(UPDATE) - GBPCHF still forming a correction.

GBPCHF traders are still sitting back and observing the market as it is still trapped in a correction. The market is still trading within a downtrend and traders anticipate a further drop to the bottom of the bigger structure. As such, traders are waiting for bearish momentum to kick in before looking for trading opportunities.

Read More: Oil Seems To Be Pushing Through Affecting The CAD

The GBPJPY Performance 

(UPDATE) - GBPJPY melted.

GBPJPY continued the bearish cycle and broke below the corrective structure. The market dropped +400 pips and completed the bearish trading opportunity. As such, traders have secured profits and are out of the market.

Final Thoughts On This Analysis 

The forex market's constantly shifting landscape presents a myriad of opportunities for traders to explore. With the recent completion of the setups in EURCAD and GBPJPY, traders who carefully analysed technical indicators and chart patterns may have taken positions in these currency pairs. 

However, as traders eagerly await the potential GBPCHF setup completion, caution and prudent risk management remain essential in navigating the ever-changing forex landscape. Watch our YouTube channel for more analysis.