Have you put on your first April trades yet?
Get ’em while they’re hot!
Reversal alert! EUR/CHF bulls are doing a great job of defending the 1.0550 level, which lined up with a broken descending channel resistance on the 4-hour time frame.Are we looking at a mega upswing in the making over here? Take note that the pair remains below the 100 and 200 SMAs…for now.
A break above the SMAs and March’s highs could lead to a retest of the 1.0675 and 1.0720 previous areas of interest.
If you think that we’re seeing an extended form of a fakeout, however, then you can wait for the pair to comfortably trade back inside the descending channel and maybe aim for the 1.0520 or even new 2020 lows for the pair.
Here’s one for the trend traders out there!Guppy is chillin’ like a villain just below the 134.00 mark, which isn’t surprising since it’s also near a 38.2% Fib retracement AND a mid-channel level on the daily time frame.
Shorting at a break below the recent consolidation could still give you decent pips especially if you place your stops just above the 50% Fib and aim for previous lows near the 125.00 handle.
Not a fan of shorting the pound these days? You can wait for a break above the mid-channel line that we’re watching and build positions all the way to a possible retest of the 140.00 level.