I hope you’re in the mood to trade swing trade setups today, because I’ve spotted sweet forex trade opportunities on EUR/USD and CHF/JPY that you wouldn’t want to miss!
Breakout alert! As you can see, EUR/USD just broke below the trend line support that we’ve been watching since last week. What makes the setup more interesting is that the 100 SMA also looks like it’s about to cross below the 200 SMA while stochastic is about to hit oversold levels.
Before you sell the euro like there’s no tomorrow, though, note that it’s currently hanging out at a support level that’s been holding since the start of the year.
Are we looking at a legit breakout here? Or is this a fakeout in the making? Make sure you know how to trade both scenarios if you’re planning on trading this setup!
This one’s for my trend-lovin’ playas out there. CHF/JPY is lollygagging just above a channel support that’s been keeping the bears in check since mid-2017. What’s more, stochastic is chillin’ like a villain in the oversold territory!
Buying at the earliest signs of bullish momentum could get you serious pips especially if you aim for the previous highs near 118.00.
If shorting the yen is not your cup of tea, then you could also wait for the pair to break below said channel support and trade a downside breakout that could drag CHF/JPY to 112.50 or even 111.00.