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Whattup, forex playas!

Whether you’re into the majors or you’d rather trade non-dollar pairs, I got yo back with a trend play on EUR/USD and a triangle situation on GBP/CHF.

Get ’em while they’re hot!

GBP/CHF: 1-hour

GBP/CHF 1-hour Forex Chart
GBP/CHF 1-hour Forex Chart

GBP/CHF has been giving us lower highs since the start of the month but it looks like the bulls are only willing to put up with the bears’ shenanigans until the 1.2110 support.

Are we looking at a descending triangle in the making? Don’t forget that descending triangles still represent indecision, which means that GBP/CHF could still break in either direction.

A break below the 1.2110 support could drag the pound down to the 1.2000 previous resistance level.

Meanwhile, a break above the trend line would extend GBP/CHF’s uptrend and maybe take the pair to the 1.2250 area of interest in the higher time frames.

Keep close tabs on this one, will ya?

EUR/USD: 1-hour

EUR/USD 4-hour Forex Chart
EUR/USD 4-hour Forex Chart

Is it me or is EUR/USD poppin’ up interesting wicks around the 1.1800 major psychological handle? That’s right at a trend line AND 200 SMA support on the 4-hour chart, yo!

Think the euro is about to revisit its 1.2000 highs? Buying at current levels would yield the best reward-to-risk ratio if you’re planning on trading the slow but steady ascending channel.

If you’re not convinced that the euro will see gains against the dollar this week, however, then you can also wait for a clear break below 1.1800 and the 100 SMA and then aim for a drop to the 1.1700 area of interest.

Forex Chart Settings:

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