Don’t look now, but USD/CHF has just hit a support zone! The pair is about 10 pips away from a range bottom on the 1-hour chart and it doesn’t look like there’s enough downward pressure to break it. The question is, will that translate to a bounce? If the pair stays above .8800 it’s possible that it could head up to .8850. Of course, it could also drop below the psychological level and make its way to the .8750 previous support.
If you’re into trends, then this setup is for you! EUR/CAD is currently at a mid-channel support on the 1-hour chart. What makes this setup interesting is that it’s also near the 1.5200 psychological handle and Stochastic is in the oversold area. Be careful though, as the 100 and 200 SMAs look like they’re about to cross and give a bearish signal. So which way do you think will EUR/CAD go?
Last one up for today is this sweet NZD/USD swing trade setup. The Kiwi is having trouble closing firmly above the .8600 psychological figure, which is also near a mid-range resistance and a 100 and 200 SMA crossover. On top of that, Stochastic is waving a bearish signal at the overbought territory. If you’re not too cool with selling the comdoll, then you could also wait for a couple of bearish candlesticks or a break below the mid-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.