Whether you like trading the majors or currency crosses, I got yo back with these hot setups on EUR/USD and NZD/CHF. Check them out!
EUR/USD is fast approaching the 1.1600 major psychological handle, which is right around the 200 SMA and a rising channel support that hasn’t been broken since late August.
Think the euro is bound to see some support at the level? Stochastic hasn’t turned from the oversold area and EUR/USD has yet to hit the 1.1600 mark, so y’all still have time to whip up your trading plans if you’re planning on taking this trade.
Remember to practice good risk management habits when executing your orders, aight?
NZD/CHF is seeing bullish momentum after finding support from the .6300 psychological level. Heck, it has just broken above the 200 SMA on the 4-hour chart!
Watch out for a possible resistance around the .6550 level that lines up with a previous support AND a falling trend line that has been solid since April this year.
Shorting at the earliest signs of a bounce from the area is a good play if you think that the Kiwi will soon see more losses against the franc.
If you’re one of them countertrend traders, though, then you could also buy at current levels and take profits as soon as you see some resistance. Just remember that countertrading isn’t for everyone!