It’s all about the franc on today’s canvas, as I bring to you forex trade opportunities on USD/CHF and GBP/CHF. Get ’em while they’re hot!
Here’s a nice and simple uptrend for ya! GBP/CHF is trading around the 1.3050 levels, which is right smack at the rising channel support area on the 1-hour time frame.
Stochastic isn’t any help in the middle zone, but you can see that the current price has been an area of interest in the past so it’s likely that pound and franc traders will react to it once more today.
Buying at current levels could get you a good reward-to-risk ratio especially if you place your stops just below the channel and aim for the previous highs above 1.3150.
If you’re one of them pound bears, though, then you could also wait for price to drop below the channel and trade a downside breakout instead. In any case, make sure you practice good risk management when you do execute your trades!
Remember that short-term downtrend that we spotted a couple of days back? Well, it looks like forex bears paid attention to it! Before you add to your positions, though, you should know that the Greenback is now sitting on a major area of interest.
Specifically, it’s now trading around the .9800 psychological handle, which lines up with a 38.2% Fib retracement and 200 SMA on the daily time frame. What’s more, stochastic is about to hit oversold levels!
Think the scrilla will see a bounce against the franc? Or will it see more weakness before we see a bounce? Keep your eyes on the candlesticks and possible inflection points to get dibs on when the pair is ready to bounce higher!