Word up, homie! I’ve got a couple of short-term channels on GBP/USD and USD/CHF in today’s intraday charts update that the trend riders out there may like. Check it!
As y’all can see, GBP/USD is currently testing a falling trend line resistance. Y’all therefore better start lookin’ for an opportunity to go short especially since the area lines up with a 61.8% Fib retracement. What’s more, a bearish divergence seems to have formed on the 1-hour chart.
Do note, however, that the nearest area of interest is around 1.3250, so there’s a chance that the pair may temporarily break above the trend line.
If the 1.3200 major psychological handle holds, then everything should be cool and y’all can prepare to target the 1.3025 lows. But if the bulls get past the 1.3200 and 1.3250 marks, then be ready to bail on your shorts and consider a breakout trade instead.
If you’re more bullish on the dollar (or you’re bearish on the franc), then check out that there ascending channel on USD/CHF’s 1-hour chart.
The pair has been respecting a channel support since mid-September and right now stochastic is signaling Swissy’s overbought conditions. If the Greenback does find support at the .9750 levels, then y’all better get ready to aim for the previous highs near .9800 or .9850 levels.
However, if support fails to form and the pair stages a downside breakout, then y’all may wanna bail or even switch directional bias if the pair smashes past the .9725 – .9750 area.
In any case, just make sure to practice proper risk management, a’ight?