It’s all about the franc on today’s canvas, as we take a look at trend and breakout opportunities on USD/CHF and EUR/CHF. Get ’em while they’re hot!
Let’s start with a nice and simple trend play for ya! USD/CHF is lollygagging at the .9600 major psychological handle, which isn’t surprising since it’s also right smack at a channel resistance retest on the 1-hour time frame.
Stochastic is poppin’ up lower highs right now, which is a convenient thing to do in the overbought territory. Shorting at current levels could get you a nice reward-to-risk ratio especially if you aim for the previous lows near .9450 and place your stops just above the channel resistance levels.
If you don’t feel like buying the Greenback, though, then you can also wait for an upside break that would invalidate the channel. The .9650 handle is a good make-or-break point while the previous highs near .9750 is a good initial target.
Make sure y’all got your trend and breakout strategies locked in tight before you place any orders on this one!
Breakout alert! Yesterday’s candle was bullish enough to break above what looks like a symmetrical triangle on the daily time frame. And since it’s a continuation of and uptrend from back in June, we might be looking at a bullish pennant breakout in the making.
As the School of Pipsology tells us, pennant breakouts like these can be as strong as the initial uptrend it paused. That means another 500-pip move, dawg!
Buying at current levels could get you in on the uptrend continuation early, but you can also choose to wait for a bit of momentum (or even a retracement) before jumping in. After all, currency crosses like these can see volatility like nobody’s business!