Can you believe we’re already into the middle of the week? Keep on pippin’ on with these trend continuation patterns on USD/CHF and GBP/JPY!
I know some of y’all are looking at USD/CHF’s downtrend, so this update is for you!
The pair is now back below the channel resistance that the pair had “broken” just a few days ago.
If you’re still betting on an upside break, though, then you might want to wait until USD/CHF makes new September highs before you pull the trigger on any long trades.
What do you think? Which way will USD/CHF go?
Here’s one for the Fib fans out there! GBP/JPY hit resistance at the 136.00 major psychological handle, which is right below a 38.2% Fibonacci retracement AND is around the 100 SMA on the daily chart.
Oh, and take note that the consolidation also lines up with a clear area of interest for the pair.
Selling at the earliest signs of bearish momentum would give you decent pips especially if Guppy drops back to its 127.50 lows.
Think pound bulls still have some juice before they give control to the bears? You can also wait for a potential bounce back to the 61.8% Fib that’s closer to the 200 SMA to get a better reward-to-risk ratio.
Not feelin’ like trading the pound today? That’s aight, tons of traders can’t handle the volatility of currency crosses either. You can stay in the sidelines and take note of how price reacts in case you end up trading the pair in the future!