I hope you’re in the mood to trade currency crosses today, because I’ve got hot forex trade setups on AUD/JPY and GBP/CHF that might get you a pip or two!
GBP/CHF found resistance at the 1.2960 level, which isn’t surprising since it lines up with a falling channel resistance AND an area of interest on the 1-hour time frame.
With stochastic chillin’ like ice cream fillin’ on the overbought territory, you can bet your pips, that other traders are also gunning for a short.
Shorting at current levels could get you a sweet reward-to-risk ratio especially if you aim for the previous lows near 1.2900. If you think the pound is about to see new monthly highs against the franc, though, then you could also wait for the pair to break above said resistance levels and trade an upside breakout instead.
Whichever bias you choose, make sure you practice good risk management when executing your trading plans!
Looks like AUD/JPY bulls are partying in the streets after the pair bounced from the 87.50 support level! Question is, can they sustain the momentum?
The 89.00 major psychological area is the first line of defense for the bears, as it lines up with a mid-channel AND previous resistance level on the daily time frame. If Aussie clears it, then we could be looking at a retest of the 90.00 highs.
Stochastic has yet to hit overbought status, so y’all could still catch some of the bullish vibes if you’re planning on buying at market. If you’re thinking of shorting this one, though, then you might want to wait for a bit of bearish momentum before you pull the trigger.