Whattup, forex playas! Think you can end the week with pips in the bag? See if you can sneak some last-minute ones with these opportunities on USD/CHF and GBP/JPY!
The pair is now trading just above the .9900 major psychological handle, which is already above the channel AND the 100 SMA on the daily time frame.
Before you buy the dollar like there’s no tomorrow, though, you gotta know that the 200 SMA held the last time it was tested. Until USD/CHF makes new September highs, the bears could still jump in and drag the pair lower.
Buying at the first signs of new monthly highs would get you decent pips especially if you aim for parity or the 1.1000 previous areas of interest.
Not interested in buying the dollar? You can also wait for USD/CHF to return to its downtrend by watching out for a move back below .9850 and some signs of bearish momentum.
Fib fans huddle up! GBP/JPY is sporting dojis around the 135.50 minor psychological level, which is right smack between 38.2% and 50% Fibonacci retracements. What’s more, it’s also near the 100 SMA on the daily chart!Are we looking at future pain for the pound here? Shorting at the first signs of bearish momentum would give you a good reward-to-risk ratio especially if Guppy falls back to its 127.00 previous lows.
If you’d rather buy the pound against the yen, then you might want to wait until GBP/JPY clears the 61.8% Fib AND the 200 SMA on the chart before you execute them long trades.
Whichever way you plan to trade this setup, make sure that you use wide stops in your positions. After all, currency cross pairs like these tend to go all over the charts like Post Malone’s songs!