First up for today is a simple support play on USD/CHF‘s 1-hour chart. The pair is hanging around the .9600 major psychological handle, which had been a strong resistance and then support area in May. A stop below the level could give you a good risk ratio if you think that the dollar would revisit its previous highs.
Trend surfers huddle up! AUD/USD is stalling at the .9630 area, which is right around the top of a falling channel on the 1-hour chart. If you’re not convinced that the Aussie is headed lower, then you can always place an order below the small consolidation and wait for a downside breakout. You can also place buy orders above the channel if you’re one of them Aussie bulls.
Last up for today is a setup so sweet that it hurts my Ray-B-covered eyes just lookin’ at it! Cable just bounced from the 1.5000 area and is currently testing what looks like a neckline of a double bottom. If the School of Pipsology is right and the pair breaks above the neckline, then you have a potential gain of about 150 pips, the distance between the bottoms and the neckline.
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.