Found some anti-dollar setups for this week’s forex trading! Which one would you likely trade for yourself?
Watch out for this one! If you’ve read Forex Gump’s 5 factors supporting a pound rally, then you’d love this setup even more. See, GBP/USD showed a pullback after rising strongly for the past couple of days. Okay maybe it’s only until the 38.2% Fib on the 1-hour time frame, but it’s something! It also helps that the pair is having trouble falling below a previous channel resistance level just below the 100 SMA. What do you think? Is it time to buy Cable?
This one’s for traders who love trading trends like I do! USD/CHF has been on a downtrend since the start of June and it doesn’t look like it’s stopping anytime soon. The pair is currently testing the top of a falling channel, which is right smack at the 200 SMA area. The cherry on top of the sundae is an overbought Stochastic signal. Definitely a setup to watch!