It is Wednesday, my dudes! Get over the mid-week hump by trading not one, but TWO major dollar pairs today.
Get ’em while they’re hot!
USD/CHF is knocking on the .9375 handle, which has been supporting the dollar since mid-June.
Thing is, the pair is also clocking in lower highs on the 4-hour time frame. We’re looking at a descending triangle during the downtrend, yo!While descending triangles tend to break to the downside, a triangle still represents indecision. That means not discounting an upside breakout just yet.
You can take advantage of the .9375 support by buying at current levels until it reaches the descending trend line or breaks above the resistance. .9450 and .9475 look like legit targets if you’re into buying the dollar these days.
If you think that the dollar’s downtrend will get fresh legs, however, then you can also wait for a clear break below the triangle support and then target areas of interest near .9325 or .9250.
Unless you’re too busy Googling why your nieces are talking about a “Timothée Chalamet” all of a sudden, then you should know that EUR/USD has finally broken above the closely watched 1.1400 handle.Well, at least it’s trading above the level for now.
Think we’re seeing a legit upside breakout? The 100 SMA crossing above the 200 SMA should be good for the bulls especially if they’re looking at 1.1500 and 1.1550 as initial profit targets.
If you believe that the euro can’t possibly trade that much stronger than the dollar, however, then you can also bet on the move being fakeout. Just wait for EUR/USD to (consistently and clearly) trade below 1.1400 again and then aim for retests of the 1.1200 and 1.1125 previous areas of interest.