Ready for your final round of pippin’ this week?
GBP/CHF is having trouble making new highs above 1.2000, which isn’t surprising given how the psychological handle has been keeping the bulls at bay since the start of the month.Think the range resistance will hold for another day? Shorting at the current levels would still give you a good reward-to-risk ratio especially if you place your stops just above this week’s highs and aim for the bottom of the range near 1.1900.
Feeling like buying the pound instead? You can also plot breakout plays above the big 1.2000 level and then aim for previous areas of interest closer to the 1.2050 and 1.2120 levels.
Whichever direction you end up trading, make sure to do it while following your trading plan like yo momma told you to do it!
Guess who’s back???
If you answered it’s our girl Cardi B, then you only have half a point. I’m talking about NZD/CAD trading back to a broken resistance level!38.2% Fib bounce, a retest of the broken trend line resistance, and the 200 SMA support on the daily time frame.
Kiwi is now about 150 pips above the support but I’m thinking you can still sneak in a pip or two (or 250) if you’re betting on the Kiwi revisiting its July highs against the Loonie.
If you’d rather bet on NZD/CAD extending its downtrend, then you might want to wait until it makes new August lows before aiming for previous support levels closer to other Fib levels or the .8350 previous support area.