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Happy Friyay, errbody!

End the week on a positive note by taking advantage of EUR/AUD‘s range and a resistance-turned-support situation on USD/CHF.

Read on, my dudes!

EUR/AUD: 1-hour

EUR/AUD 1-hour Forex Chart
EUR/AUD 1-hour Forex Chart

EUR/AUD just bounced from the 1.6240 area, which is near the 200 SMA as well as a support and resistance area on the chart.

What makes the potential bounce more interesting today is that Stochastic is flashing an “oversold” signal on the 1-hour time frame.

Buying at current prices would still get you a decent enough reward-to-risk ratio especially if the euro bounces back up to the 1.6325 range resistance.

If you’re looking into shorting the common currency, however, then you’ll definitely want to wait until EUR/AUD consistently trades below the SMAs AND the 1.6225 inflection point.

Good luck and good trading this one!

USD/CHF: 4-hour

USD/CHF 4-hour Forex Chart
USD/CHF 4-hour Forex Chart

Here’s one for the breakout playas out there!

USD/CHF looks like it’s getting support from the descending channel resistance that the pair had broken in late August.

Keep your eyes peeled for the 100 SMA possibly crossing above the 200 SMA.

If the dollar does find support at the .9080 area and we see an SMA crossover, then USD/CHF could retest its September highs near .9180.

If the Greenback ends up making new September lows in the next few trading sessions, however, then USD/CHF could revisit its .9015 previous support levels.

What do you think? Is it time to buy the dollar against the franc?

Forex Chart Settings:

Slow Stochastic:?14,3,3
100 SMA:?Blue line
200 SMA: Red line