We’re lookin’ at technical support levels today, fellas. See if you can make pips from GBP/USD’s range setup and NZD/CHF’s trending chart!
NZD/CHF is having trouble breaking below the .6500 major psychological level, which isn’t surprising since the it’s been serving as support and resistance for the pair since early August.
Will the Kiwi soon see a bounce? While the .6500 MaPs lines up with a 38.2% Fib retracement, the bears could also drag it back down to the .6475 mark that’s closer to the mid-channel 50% Fib, and 100 SMA support levels.
Watch this one closely, will you?
Somebody holler at Huck because this setup is too good to miss! GBP/USD is finding support at 1.2950, which has been supporting the pair since early September.
With stochastic about to hit oversold levels, you can bet your pips that other traders are watching this one too.
A long trade at the earliest signs of a bounce could give you a good reward-to-risk ratio especially if you aim for the top of the range near 1.3275.
If you’re not feelin’ the love for the pound, however, then you could also wait for a break below the support level and aim for the previous areas of interest near 1.2850 or even 1.2700.