Who’s hungry for pips today? I’m servin’ up hot forex trade opportunities on EUR/CHF’s 4-hour and USD/CAD’s daily time frames. Get ’em while they’re hot!
First up is a nice and simple trend trade on EUR/CHF. The pair looks like it’s about to bounce from the 1.1150 minor psychological handle, which is right smack at a channel resistance, 100 and 200 SMA zone, AND a 50% Fibonacci retracement on the 4-hour chart.
Shorting at current levels would make for a fine trade especially if you place your stops just above the channel and bet on the euro making new 2019 lows.
If you think that the euro’s pain is about to be over, though, then you could also watch out for a break above the channel and the 200 SMA and the maybe aim for the previous areas of interest closer to the 1.1200, 1.1250, and the 1.1350 levels.
Whichever bias you choose to trade, make sure you’re practicing your best risk management moves like yo momma is watching you!
USD/CAD looks ready for some retracement after breaking below a long-term ascending channel!The 1.3300 major psychological level is a good level to watch as it’s right around the broken channel support AND the SMAs on the daily chart.
If the bears manage to defend 1.3300 AND the 100 SMA crosses below the 200 SMA, then we might be in for a longer-term reversal for USD/CAD.
If the “breakout” turns out to be a “fakeout,” though, and the pair goes back to its uptrend, then you should probably prep for a trip back to the 1.3520 and 1.3650 previous resistance levels.
The pair has some way to go before hitting the 1.3300 kill zone. That means y’all still have time to draft your trading plans. Let’s get this bread, yo!