Whether you like trading trends or ranges, I got yo back with these sweet forex setups on USD/CHF and NZD/USD. Check them out, yo!
USD/CHF is having trouble breaking below the .9825 area, which isn’t surprising since it lines up with a longer-term range support on the 4-hour time frame. Think the Greenback is about to pop up against the franc?
Buying at the earliest signs of bullish momentum would get you a good reward-to-risk ratio especially if you place your stops just below the range support.
Of course, you could also wait for a downside breakout and aim for the .9700 and .9625 previous areas of interest.
Whichever bias you choose to trade, make sure you’re practicing good risk management habits, aight?
Here’s one for my trend-trading brothas out there! NZD/USD is lollygagging at the .6700 psychological handle, which is also right smack at a 61.8% Fib retracement and just below the 200 SMA and a falling trend line on the 4-hour time frame.
Shorting at current levels could get you in at a sweet level if NZD/USD ends up extending its downtrend.
If you’re one of them Kiwi bulls, though, then you could also wait for the pair to break above the resistance points we’ve marked and trade a possible move to .7000 instead.
Keep close tabs on this one, fellas!