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USD/CHF: 1-hour

USD/CHF 1-Hour Forex Chart
USD/CHF 1-Hour Forex Chart

First up is a simple range play on USD/CHF. The pair is currently finding support at the 1.0100 major psychological handle, which is just below the mid-range support on the 1-hour time frame. What makes the setup more interesting is that the 100 and 200 SMAs have also been consolidating on the chart. So, which direction do you think the pair will go? The mid-range level is about 50 pips away from its resistance and support, so this setup would make for a pretty decent day trade. Buying or selling at market once the pair chooses a direction is a good play if you’re planning on catching a pip or two from this one.

USD/CAD: 1-hour

USD/CAD: 1-Hour Forex Chart
USD/CAD: 1-Hour Forex Chart

I spy with my cool, blue eyes a potential double bottom play in the making! USD/CAD has been rejected at the 1.3115 level twice, and is now testing the “neckline” around 1.3150. Buying at a breakout above the minor psychological area is a good idea if you think that the Greenback will soon resume its uptrend against the Loonie. Watch out for the 100 SMA and overbought stochastic signal though, as they could limit the bullish move after a breakout. In any case, make sure you practice good risk management when trading setups like these (or any setup, actually).

GBP/CHF: 1-hour

GBP/CHF 1-hour Forex Chart
GBP/CHF 1-hour Forex Chart

Last one up for this batch of charts is an easy peasy trend play on GBP/CHF’s 1-hour time frame. The pair is currently at the 1.2800 MaPs support, which is right smack at a rising trend line support that hasn’t been broken since mid-November. In addition to that, a hidden bullish divergence has also formed on the chart. Be careful about buying this one though, especially since the 100 SMA has also just crossed below the 200 SMA. At this point, buying at the first signs of a bounce would be a better play than buying at market in case we’re about to see a downside breakout after all.

Forex Chart Settings:

Slow Stochastic: 14,3,3
100 SMA: Blue line
200 SMA: Red line

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.