We’re having a currency cross parade today, brothas!
Get them while they’re hot!
EUR/CHF is inching towards the 1.0825 handle, which lines up with a key resistance level from August and September.What makes the consolidation interesting is that it resembles a bullish pennant, which could lead to trend continuation if the euro pops above the resistance.
Will EUR/CHF break higher this week? Buying at the first signs of a legit breakout is a good play if you’re eyeing the 1.0900 psychological level or if you think that the pair is due for a longer-term reversal.
If EUR/CHF breaks below the trend line support, however, then the euro could drop back to the 1.0750 previous area of interest or even the 1.0670 November lows.
Watch this one closely, yo!
Break and retest stans gather ’round!NZD/JPY is finding support at the 71.70 handle that had successfully blocked the bulls at least thrice since June.
Are we looking at a break and retest opportunity here? While NZD/JPY making new highs would usually signal a good buying opportunity, you should note that 73.50 is an area of interest on the daily time frame. That means y’all gotta take it easy with your positions in case the bears come out to play after finding support at 71.70!
If NZD/JPY ends up dropping below the 71.70 support, though, then you might want to target the inflection points near 70.50 and 68.90.