It’s Friyay, y’all! We’re checkin’ out the dollar today as we look at these hot short and long-term setups on EUR/USD and USD/CHF!
First up is a nice and simple trend play on EUR/USD. The pair looks like it’s about to bounce from the 1.0670 area, which lines up nicely with not only a rising channel support, but also the 100 SMA on the 1-hour time frame.
Stochastic has already left the oversold territory, so some of the bulls might have already given their shot at pushing the pair higher.
Buying at current levels could still get you a decent reward-to-risk ratio especially if you aim for the previous highs and set your stops just below the trend line support.
If you’re one of them euro bears, though, then you could also wait for a break below said support levels and aim for areas of interest near 1.1500 or even the monthly lows near 1.1400.
Here’s one for the dollar bulls out there! USD/CHF has bounced from the .9500 major psychological handle and it looks like it’s gunning for the .9800 levels.
Not really surprising since the level is right smack at a mid-range resistance near a 61.8% Fib retracement, 100 SMA, and a trend line retest on the daily time frame.
There’s still a bit of room before the pair hits the level, so y’all have time to set up your retracement strategies before trading this one.
If you don’t think that the Greenback will hit a resistance around the mid-range area, then you could also buy at current levels and aim for the previous highs near 1.0250. In any case, make sure you practice tight risk management skills, aight?