A brand-spankin’ new trading day means a fresh start to catch some pips!
Get ’em while they’re hot, yo!
About a week ago we talked about USD/JPY bouncing from a range support on the 1-hour time frame.Well, I hope you took notes and then some pips! The dollar is now a few cartwheels away from the 104.70 range resistance level that hasn’t been broken since mid-November.
Can dollar bears defend the level for another day? Shorting at the first signs of rejection would yield the best reward-to-risk ratio if you’re thinking of playing USD/JPY’s range.
If you’re convinced that the dollar will extend its gains against the yen, however, then you can also start marking them profit targets in case USD/JPY busts above its range resistance.
Keep close tabs on this one, will ya?
NZD/CHF is having trouble making new lows below .6250, which isn’t surprising since the area lines up with a 38.2% Fib retracement and a key inflection point from as early as August 2019.If the Kiwi ends up turning higher from the Fib level, then we could see NZD/CHF make a play for the .6350 November highs.
Meanwhile, a break below .6230 – .6250 could lead to NZD/CHF dropping to the .6200 MaPs near the 61.8% Fib or even the .6040 area of interest on the daily time frame.
Whichever bias you choose to trade, make sure you know all about NZD/CHF’s average volatility! You wouldn’t want to get caught in “weird” volatility spikes that we usually see in currency crosses, would you?