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Whether you like the majors or you’re more into currency cross trading, I got your back with short and long-term opportunities on USD/CHF and GBP/NZD.

Which setup will you most likely trade?

Check out what I got for ya!

USD/CHF: 1-hour

USD/CHF 1-Hour Forex Chart
USD/CHF 1-Hour Forex Chart

A few days ago we talked about USD/CHF testing its descending triangle support on the 1-hour time frame.

If you had put on your pattern trading hats back then, then you would’ve benefited from USD/CHF hitting the 100 SMA before breaking below the triangle support.

Don’t worry if you missed the move though! The dollar looks ready to bounce from its weekly lows to retest the .9375 support.

Will the previous support turn into a resistance? Shorting at the first signs of a bounce from the level would make for a good entry if you think that USD/CHF will see fresh downswings.

If you’d rather buy the dollar against the franc, however, then you can also buy at current levels and then bail as soon as there’s bearish pressure either at the broken support or the SMAs.

Good luck and good trading this one!

GBP/NZD: Daily

GBP/NZD Daily Forex Chart
GBP/NZD Daily Forex Chart

GBP/NZD is having trouble sustaining a sharp downswing after already falling by a cool 1,000 pips since late April.

What makes its current levels interesting today is that it lines up with an ascending channel support on the daily time frame.

Will we see the pound bounce against Kiwi anytime soon? Buying at current levels could be tricky since the SMAs are pointing to short-term bearish pressure for the pair.

Still, buying near its current levels would yield a good reward-to-risk ratio. If you do see the beginnings of a bullish momentum, then y’all gotta be ready with your long trade plans.

If you think that the pound isn’t done falling against Kiwi just yet, then you can also make plans for trading a downside breakout that could drag GBP/NZD all the way to its 1.8650 and 1.8375 previous areas of interest.

Forex Chart Settings:

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