Can you believe we’re closing out another trading week? Catch some last-minute pips with these simple support and resistance plays on USD/CHF and AUD/CAD!
First up is USD/CHF’s consolidation just above the .9700 major psychological handle, which isn’t a surprise since the level has been serving as area of interest since late May.
This time around the level is also near a rising channel support AND the 200 SMA on the 1-hour time frame. And with stochastic popping up a small bullish divergence on the chart, you can bet that other dollar bulls are watching.
Buying at current levels could get you a pip or two (or fifty) especially if you aim for the previous highs below .9800. Just make sure to watch the pair closely, as a break below the .9700 MaPs could lead to a move back to the .9650 levels below the channel.
Here’s another nice and simple one for ya! AUD/CAD is having trouble breaking below the .9975 level, which is a support zone that hasn’t been broken since February.Will forex bulls take control once again? Or will the bears finally push for a downside break? Stochastic is on the bulls’ side with an oversold signal, but keep close tabs in case it wants to hang in there a little longer.
Meanwhile, look for the earliest signs of a bounce for a possible long trade. The 1.0050 handle is a good enough target for the time frame, though you could also aim for the June highs near 1.0180.
If you’re no fan of the Aussie, though, then you could also wait for a break below .9975 and trade a breakout trade. Whichever bias you choose, just make sure you use good risk management practices when you execute trades, aight?