First up is a nice and simple support play on USD/CHF. Now that the pair has made new weekly highs, it doesn’t take a lot to see that the .9200 handle was a strong support. Does this mean that it’s now headed for new highs? Stochastic is about to leave the oversold area, so think fast if you want to take advantage of the recent uptick on the daily chart!
Who’s up for a trend play? Cable had just encountered resistance at the 1.5700 handle and it looks like it’s headed fast towards 1.5400. The area is a possible mid-channel support level, so y’all better watch out if you’re trading the pair all the way to the bottom! On the other hand, Stochastic looks like it’s headed south. What do you think? Will 1.5400 hold or will the pair reach 1.5050?
If the charts above don’t challenge you, then you should definitely take a look at AUD/JPY‘s Fib setup! The pair is sitting at a possible 61.8% Fib support, which is also a previous resistance near the 89.00 major psychological handle. Placing a stop just below the level could give you a good risk ratio if you aim for previous highs, but you could also wait for a downside break if you think that the Aussie bears aren’t done attacking the comdoll.
To get the complete picture and avoid getting blindsided by economic data, you also have to do your fundamental analysis.
Lucky for us, Pip Diddy fills us in on what we need to know about fundamentals with his Daily Forex Fundamentals.