Day traders huddle up! USD/CHF is sitting at a range support near the .8850 minor psychological handle. What makes this setup even sweeter is that there’s also a possible bullish divergence in the works. Think the Greenback is headed higher? Keep an eye out for fakeouts if you’re planning on trading this setup, aight?
If you want to trade the yen but don’t want to touch USD/JPY, then this setup is for you! GBP/JPY recently bounced off a rising channel support on the 4-hour chart. With the channel’s resistance still a couple of hundred pips away, there’s room for good risk ratio for this trade. Don’t forget to keep your stop losses loose for currency crosses like these, brothas!
Our last but definitely not the least setup is GBP/CAD’s potential retracement at a 50% Fib. This setup is somewhat similar to the Cable setup that we spotted on Monday but without the Greenback. Of course, it also doesn’t hurt that the potential retracement level is near a 200 SMA support. I don’t know about you, but I’m definitely keeping my eyes on this one!
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.