We’re looking at short-term time frames today, brothas. Check out these hot forex trading opportunities on USD/CHF and EUR/GBP that just might get you pips!
It’s make or break for USD/CHF! The pair is lollygagging around the .9900 psychological handle, which happens to be just above a falling mid-channel support on the 1-hour time frame.
The 100 and 200 SMAs seem to be holding back the bulls for now, but it won’t be for long before we see a mini breakout in either direction.
Will USD/CHF drop below the SMAs to extend its downtrend? Or will the bulls have enough muscle to push the dollar back to the channel resistance area before seeing more action?
Watch this one closely, fellas!
Here’s a simple one for ya. EUR/GBP is finding support around the .8875 levels, which isn’t surprising since it’s right smack at a rising trend line support on the 1-hour time frame.
What makes the setup even more interesting is that the pair is chillin’ at an area of interest from back in late June.
Think the euro will see more gains against the pound? Buying at current levels could give you a good reward-to-risk ratio especially if you place your stops just below the trend line and aim for July’s highs first.
Don’t tighten your stops too much, though! Currency crosses like these tend to see more volatility than the majors, so y’all better keep your stops wide!