Whether you like trading the dollar or you’re more into currency crosses, I got yo back with these swing trade opportunities on USD/CAD and EUR/CHF. Check out these forex charts!
USD/CAD just bounced from the 1.3000 major psychological handle, which isn’t surprising since it’s near the 200 SMA AND the top of a falling channel that’s been solid since mid-June.
Think the dollar will revisit its September lows? Shorting at a break below the 100 SMA could still give you a good reward-to-risk ratio especially if you believe that USD/CAD’s bearish momentum will continue.
If you’re one of them Greenback fans, though, then you might want to wait for a break above the 200 SMA and a bit of momentum before you place your buy orders.
Trend-trading not your thing? Here’s one for ya! EUR/CHF is having trouble breaking above the 1.1450 psychological mark that has been serving as support and resistance since last year.
Will the bears defend the level for another day? An overbought stochastic signal and the 100 SMA resistance are currently on the bears’ side, so y’all might want to watch out if you have any plans on buying the euro.
If the pair does break above 1.1450, though, then you might want to look at the 1.1530, 1.1700, and 1.1950 levels as potential targets.
Whichever bias you choose to trade, make sure you practice good risk management, aight?