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New week, new chance to grab some pips! Let’s take a look at AUD/USD and EUR/CHF’s short-term setups and see if you can bag pips off of them hot charts.

EUR/CHF: 1-hour

EUR/CHF 1-hour Forex Chart
EUR/CHF 1-hour Forex Chart

Remember that uptrend that we spotted late last week? Well, it looks like the bears have dragged the euro all the way down to the channel support!

As you can see, EUR/CHF is having trouble breaking below the 1.1580 area, which isn’t surprising since it lines up with a falling channel support AND is just under the 200 SMA level on the 1-hour time frame.

What makes the setup more interesting is that a bullish divergence has popped up on the chart. But will this lead to more gains for the euro against the franc?

Buying at current levels could get you a good reward-to-risk ratio especially if you aim for the previous highs near 1.1700. If you’re one of them euro bears, though, then you could also wait for the pair to break below said support levels and short on a breakout instead.

AUD/USD: 1-hour

AUD/USD 1-hour Forex Chart
AUD/USD 1-hour Forex Chart

After bouncing from the .7650 levels, AUD/USD looks set to test the .7735 area. And as you can see, the level is right smack at a 61.8% Fib retracement, 100 SMA retest, AND a previous area of interest for the pair.

Will the Aussie rise all the way to the 61.8% Fib? Or will it encounter resistance at the .7700 major psychological handle near the 50% Fib instead? Stochastic is already in overbought territory, so y’all better watch out in case this pair bounces from lower areas of interest!

Shorting around the Fib areas is a good idea if you’re betting on more losses for the Aussie. If you don’t feel like the comdoll could extend its losses, however, then you could also wait for a break above the Fib levels and aim for the previous highs near .7900.

Forex Chart Settings:

Slow Stochastic: 14,3,3
100 SMA: Blue line
200 SMA: Red line