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Continuation or reversal?USD/CHF found resistance at .9375 and has since posted lower highs while finding support at .9240.
Can the dollar extend its gains against the franc? Bulls will definitely have to wait for USD/CHF to break above the trend line resistance before pricing in any trip to March’s highs.
Meanwhile, bears who have noted that the 100 SMA has also crossed below the 200 SMA can still short at current levels and prepare to scale in if USD/CHF breaks below its descending triangle pattern.
It’s make or break for the Aussie!AUD/JPY is seeing higher lows on the 4-hour time frame but it looks like Aussie bears are determined to defend the 84.75 zone.
A long trade at the first signs of an upside breakout would make for a good trade if AUD/JPY’s ascending triangle sees an upside breakout that pushes the Aussie all the way to the 87.00 – 88.00 areas of interest on the higher time frames.
But wait! Remember that not all ascending triangles see upside breakouts.
If AUD/JPY drops below its trend line support, then we could see the Aussie drop back down to the 82.00 area closer to the 200 SMA.