Guess who’s back, back again! After dipping to the .9730 mid-range support, USD/CHF is back at the .9800 major psychological handle and range resistance on the 1-hour time frame. Not only that, but stochastic is also back on the bear camp with an overbought signal. Think the dollar will soon lose pips on the franc? Read up on trading ranges like this one if you haven’t done it yet!
Here’s one for trend traders out there! CAD/JPY just bounced from the 79.00 area and is headed for the 78.00. What makes the area of interest well, interesting, is that it also lines up with a 38.2% Fib, 100 SMA, and rising trend line support on the 1-hour time frame. Heck, stochastic is even nearly oversold! Buying around the Fib levels is a pretty good idea if you believe that the Loonie will soon bounce higher against the yen. Gotta make sure you have wide stops though, as yen crosses like this one can be more volatile than the majors!
Consolidation alert! One look at EUR/USD’s daily chart tells us that the pair might be stuck in a symmetrical triangle on the daily chart. As the School of Pipsology tells us, triangles like this one can break in either direction. The pair is almost at the end of the triangle though, so waiting for an actual breakout instead of picking a bias might be a better idea. Time to whip up your trading plans and prepare for this one, brothas!
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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.