Can you believe we’re already into the middle of the week? Catch some more of them pips with these short-term setups on USD/CHF and NZD/USD!
After falling to .9450, USD/CHF has found some bullish momentum and it looks like it’s gunning for the .9550 levels. What makes the area more interesting is that it lines up with not only the 200 SMA on the 1-hour chart, but also a 61.8% Fib retracement AND a previous support level for the pair.
Will Greenback bears step up their game around the area of interest? Stochastic is currently on their side with an overbought signal, so watch out for a bit of tug-o-pips around the level.
You can short at the earliest signs of a bounce and aim for the previous lows near .9450. If you’re one of them dollar bulls, though, then you can also wait for an upside breakout and aim for the previous highs around .9700 instead.
Trend playas huddle up! NZD/USD is having trouble breaking below the .7450 minor psychological handle, which is right smack at a mid-channel and 100 SMA support as well as a 38.2% Fib retracement on the 1-hour time frame. What’s more, stochastic has also just left the oversold territory!
A long trade at current levels could get you a decent day trade especially if the pair extends it uptrend past the previous highs. If you’d like to be more conservative with your entries, though, then you could also wait for a deeper retracement around the 200 SMA or the channel support.
In any case, make sure y’all keep your eyes peeled for more directional movement from this pair. Gotta take advantage of the trend while it lasts, ya know?