Can you believe we’re into the last trading day of the week? End the week on a strong note with these hot trade setups on GBP/USD and USD/CHF!
Remember that rising channel that we spotted a couple of days back? Well, it looks like the bears found enough support for a downside breakout!
What makes the setup interesting is that Cable is now knocking at the 1.3050 level that had served as support in late September.
Are we looking at a support-turned-resistance situation here? Shorting at the earliest signs of a bounce from the level is a good play if you believe that the pound is in for a reversal.
If you’re one of them pound bulls, though, then you might want to wait for the pair to go back to the channel before you place any long trades.
Somebody holler at Huck because this major technical level is too good to miss! USD/CHF is headed fast for the big 1.0000 handle that hasn’t been broken as support since last year.
Think the bears will find enough friends at the level? Stochastic is on their side at the moment with its overbought signal, so you can bet that other traders are also watching the level.
Keep close tabs on the psychological handle and see if you can make pips from a simple resistance play or a breakout opportunity!