Who’s ready to make pips?
I hope you are because GBP/USD‘s trend and EUR/CHF‘s breakout setups are too good to miss!
Which one will you more likely trade this week?
GBP/USD: 1-hour
Buying at current levels or a couple of pips lower would make for a good trade if you’re betting on Cable extending its uptrend and making new May highs in the next trading sessions.
Meanwhile, those who are looking to short could wait for a clear break below the SMAs and then target previous support levels near 1.2165 or 1.2100.
Good luck and good trading this one!
EUR/CHF: Daily
Here’s one for the swing and position traders out there! A few days ago we were looking at EUR/CHF’s consolidation around the 100 SMA and a trend line that hadn’t been broken…until now.
Not only has EUR/CHF broken above the trend line and 100 SMA, but it has also made new May highs yesterday.Can the bulls sustain a momentum? You can buy the euro at current prices or at a retest of the 1.0650 previous range resistance if you think that EUR/CHF can hit the 1.0700 previous previous high or the 1.0800 levels closer to the 200 SMA.
If you believe that we’re just seeing a fakeout, though, then you can also wait until EUR/CHF comfortably trades back inside the range and then position your orders to take advantage of a possible trip to the 1.0500 range support.
Forex Chart Settings:
Slow Stochastic: 14,3,3
100 SMA: Blue line
200 SMA: Red line
