Can’t decide if you’re trading a dollar major or a currency cross? Don’t worry, I got yo back with these hot support and resistance levels on USD/CHF and GBP/NZD!
First up is a nice and simple support on GBP/NZD. The pair is having trouble breaking below the 1.9700 major psychological handle, which isn’t surprising since the area has been serving as resistance and support since November last year.
Think the pound is about to bounce against the Kiwi? Stochastic has just reached the oversold area, which could attract more of our forex brothas into trading this one.
The 2.0400 previous resistance level is a good area to target if you’re planning on going long on this one.
Just don’t tighten your stops, aight? Currency crosses – especially on longer time frames – could see more volatility than your average pair, so y’all make sure you leave enough wiggle room in your orders!
As you can see above, the 1.0025 area is marking the resistance of an ascending triangle on the daily time frame.
But check out parity (1.0000) serving as a solid resistance on this one! And with USD/CHF serving a bearish divergence on the chart, y’all can bet that other bears are already watching this one.
A short trade at the earliest signs of bearish momentum is a good play especially if you aim for the areas near .9850 and .9750. Just make sure you stay flexible enough in case the bulls make a run for an upside breakout!