Any currency cross traders in the house? I’ve spotted some neat retracement plays on EUR/GBP and CHF/JPY that you wouldn’t want to miss. Check ’em out!
After hitting highs near the .8950 area, EUR/GBP is back to playing around the .8888 levels.
What makes the area more interesting is that it’s near a 50% Fib retracement, previous resistance AND the 200 SMA on the chart.
Think the euro will bounce against the pound? Get yo trading plans ready and mark the areas of interest that could serve as profit targets!
CHF/JPY is having trouble breaking below the 111.75 levels, which isn’t surprising since it’s right above the SMAs and around a previous resistance level on the 4-hour chart.
Buying at current levels could get you a good reward-to-risk ratio especially if you believe that the franc will extend its uptrend against the yen.
If you’re one of them yen buyers, though, then you could also wait for a break below the channel that we’re seeing and trade a downside breakout instead.