Happy Friyay, yo! Check out USD/CHF’s potential retracement and GBP/JPY’s range setup to see if you can make pips before the week ends!
USD/CHF: 4-hourUSD/CHF looks ready for a retracement after hitting resistance at the .9350 minor psychological handle.
.9750 is a potential support in this case as it lines up with a broken range resistance, 100 SMA, and is between the 38.2% – 50% Fib retracement levels.
The pair still has some pips to go before hitting the potential support, though, so y’all still have time to design your trading plans if you’re planning on taking this trade.
Not a fan of buying the Greenback? That’s fine, you can also plan for short positions. In fact, shorting at current levels until USD/CHF finds support is a good idea if you’re one of them day traders.
Good luck and good trading this one!
GBP/JPY: 4-hourThis one is for the range traders out there! GBP/JPY is consolidating at the 144.50 area, which is right smack at a range resistance that has been keeping the bulls at bay since December.
Can the bears defend the level for another day? Shorting at current levels would give you a good reward-to-risk ratio especially if you aim for the 141.25 range support and you place your stops just above the range.
If you’re one of them pound bulls, however, then you might want to wait for a clear break above the range before placing long positions.
Whichever bias you choose to trade, make sure you practice good risk management moves like you’re trading your last trade!