Who’s ready for more pips?
Get ’em while they’re hot!
First up is a nice and simple range play on USD/CHF.
The pair looks like it’s on its way down after seeing legit resistance around the .9525 handle.And look, stochastic has also just left the overbought territory!
Shorting at current levels could yield a good reward-to-risk ratio if you aim for the range support 100 pips away. Heck, even the .9450 mid-range levels don’t look too bad as a target!
Feelin’ like buying the dollar against the franc instead? That’s fine, but you gotta wait for USD/CHF to break above the range resistance first. If you do see an upside breakout, then you might want to look at .9550 or .9580 as your initial profit targets.
Trend playas huddle up! EUR/CAD is flashing some interesting wicks near 1.5350, which is right smack at a 100 SMA and a channel support that hasn’t been broken since last week.Can euro bulls extend their gains today? Buying at the first signs of bullish momentum is a good idea if you’re aiming for a visit to the 1.5425 highs.
If you think that the euro is about done gaining pips on the Loonie, though, then you can also wait for a break below the support levels that we’ve marked and aim potential support levels near 1.5250 or 1.5200.
Whichever direction you choose to trade, make sure you know EUR/CAD’s average volatility so you know where to place them stops!