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Whattup, yo!

Have you put on your first April trades yet?

If you haven’t, then you might want to check out EUR/CHF‘s potential reversal and a mid-channel play on GBP/JPY.

Get ’em while they’re hot!

EUR/CHF: 4-hour

EUR/CHF 4-hour Forex Chart
EUR/CHF 4-hour Forex Chart

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.

GBP/JPY: Daily

GBP/JPY Daily Forex Chart
GBP/JPY Daily Forex Chart

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.

Forex Chart Settings:

Slow Stochastic: 14,3,3
100 SMA: Blue line
200 SMA: Red line