If you think that the Greenback still has room to fall, then you must be looking at USD/CHF’s daily chart! The pair is around 100 pips away from a potential trend line support at .9250. and it doesn’t look like it’s losing momentum. A stop below the .9250 handle could be a good trade idea especially if you wait for Stochastic to show signs of reversal.
Breakout traders huddle up! EUR/AUD is sporting a possible bullish pennant on its 4-hour chart after rising sharply in early August. Are the euro bulls just pausing or are we also seeing a symmetrical triangle that could break to the downside? Whichever side you choose, you gotta remember to stick to your trading plan, aight?
Here’s one for the trend traders out there! EUR/GBP is on a sweet rising channel on the 1-hour chart and it looks like it found resistance at the top of the channel near the .8050 handle. Not only that, but Stochastic is also in the overbought zone! A stop loss above the channel would provide a good R:R if you aim for the bottom of the channel.
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.