First up is a simple support-turned-resistance setup on USD/CHF‘s 1-hour chart. The pair is testing a broken support at the .9280 area and it looks like Stochastic is headed towards the overbought territory. If you think that the dollar bears will find enough comrades and drag the pair to its recent lows, then you could place your stops above the previous support to get a good risk ratio.
I know how y’all love trends, so here’s one for ya! AUD/JPY is testing a resistance along its 4-hour rising channel and judging by the consolidation at the area and the overbought Stochastic signal, I say the Aussie bears are paying attention. But will the yen bulls be tempted enough to pull the pair to a retracement? Lemme know what you think!
Last up for today is a sweet range setup on NZD/USD‘s 4-hour chart. The Kiwi bears are having trouble getting past the .8350 minor psychological handle and the oversold Stochastic signal isn’t helping their cause either. If you’re one of them comdoll bulls and you think that the Kiwi is in for some gains this week, then you should keep an eye out for a potential bounce from the range support.
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.