We’re lookin’ at the dollar today, fellas! Check out USD/CAD and USD/CHF’s daily charts and see if you can make pips from the hot setups!
USD/CAD’s last bearish candle has a long wick at the bottom, which isn’t surprising since it’s almost at the 100 SMA support on the daily time frame.
Does this mean that the pair won’t hit the ascending channel support near 1.3100 before it pops back up again? Stochastic is flashing an oversold signal, so it’s possible that some bulls are already placing their bets.
A long trade at the earliest signs of bullish momentum is a good idea if you believe that USD/CAD will extend its uptrend and go back to its highs near 1.3750.
If you’re one of them dollar bears, however, then you could also wait for a break below the channel AND the 200 SMA before you place your short orders.
Breakout alert! USD/CHF just popped up a long bearish candle that took the pair below its ascending triangle support for the first time since February 2018.
Are we looking at a legit breakout? Or is this actually a fakeout? The .9600 major psychological handle is good spot to target if you’re jumping in on the bearish pressure.
Not sure about this breakout? You could also wait for a retest of the broken trend line support for a more conservative entry.
If you’re betting on a fakeout, however, then you might want to wait for USD/CHF to trade back above the trend line before you price in another trip to the 1.0050 triangle resistance.
Whichever bias you’re trading, make sure you practice good risk management, aight?