“Bottoms up, bottoms, ey, what’s in ya charts…” Okay, that ain’t as catchy as my boy Trey Songz’ #1 hit, but I’m sure y’all will like what I’ve got on the daily of USD/CHF. After dropping a few months back and chillin’ below parity, it seems that the pair has now formed a double bottom formation. It’s currently finding resistance at the neckline around .9955. Look for a solid candle close above the 1.0000 mark as a sign that this pair is gonna go bottoms up and zoom up the charts.
Next up, we have some Fib action on NZD/USD! The pair dropped from its peak near the .8000 handle a few days ago, and has breached past the 38.2% and 50.0% Fib as if Chuck Norris was after it. Will the 61.8% Fib provide any support? The .7625 area looks good for a support level, as it has served as resistance in the past as well, while Stochastic is also sporting an oversold signal. A move past this last Fib can push the pair lower all the way to .7500, while a bounce could boost the pair to the previous high.
Now who says that frenemies aren’t good for you? It’s certainly working for this pair! After providing resistance for quite a while, a falling trend line is now turning out to be a support for EUR/JPY. But be careful my forex homies, because the 112.25 area has been a good support level in the past, so the pair might not even reach the trendline before going up. Heck, even Stochastic is saying that it’s time to buy! Keep an eye out for any surprises on this one!