Rise and shine, forex geeks!
Today we’re looking at swing trade opportunities for majors and currency cross traders alike.
Here’s what’s up!
USD/CHF bounced lower from the .9150 zone, which isn’t surprising because the minor psychological area lines up with a trend line resistance that has held at least twice in the last couple weeks. What’s more, the 100 SMA is also around the area!With Stochastic chillin’ at overbought levels, you can bet that bears are on the lookout for momentum. Shorting at current levels would give you the maximum reward-to-risk ratio if USD/CHF ends up extending its downtrend.
If you’d rather buy the dollar against the franc, however, then you can also wait for the currency pair to make new weekly highs and then target the 200 SMA or even the .9300 area for your long trades.
Whichever bias you end up trading, make sure to practice your best risk management moves like your trading account depends on it!
After hitting highs just under the big 2.0000 mark, EUR/AUD has gone back to Earth. Or at least its late 2019 range.What makes the chart interesting today is that the euro is knocking on the 1.6550 handle that marks the range’s resistance. Not only that, but it’s also poppin’ up higher lows and forming an ascending triangle!
Will the euro see an upside breakout against the Aussie? Take note that the 100 SMA has also just crossed below the 200 SMA on the chart.
A break above 1.6550 could push the pair to its 1.6850 previous areas of interest. A rejection at the triangle resistance, however, could lead to another retest of the triangle’s support.