In case you missed it, EUR/CHF just broke above a falling channel that’s been valid since mid-March. What makes the breakout more interesting is that the pair has already retested the broken resistance and it looks set to bounce higher.
The 1.0740 area of interest is a good level to target if you think that the pair is going to pop higher this week. But if you think that we’re looking at a fakeout, then you could wait for a bit of downside momentum and short this baby with your stops safely above this week’s highs.
In any case, make sure you practice good risk management habits when you execute your trades!
Comdoll traders huddle up! AUD/USD is having a hard time with its downside momentum after bouncing from the .7750 long-term range resistance.
This isn’t exactly surprising considering that the 100 and 200 SMAs are just below the area while a shorter-term trend line is also propping the pair higher. Oh, and look at stochastic about to hit the oversold territory!
Aggressive bulls can buy at current prices and make about 200 pips from targeting the .7750 resistance. If you’re one of them longer-term playas though, then you might want to either wait for a dip to the .7450 mid-range levels or a pop back up to .7750 before you execute your range plays.