Trend warriors gather ’round!
Don’t even think of missing these setups!
USD/CHF broke below a month-long trend line support earlier this week and it looks like the bears are pushing for a downtrend.See, the pair got rejected just under the .9300 handle that lines up with a retest of the broken trend line support AND a trend line resistance that connects the lower highs of March.
Momentum below USD/CHF’s current levels could lead to a test of the 100 SMA or a trip to the .9215 March lows.
If the 100 SMA holds as support, though, and USD/CHF ends up back above the mid-Feb to mid-March trend line support, then y’all better prepare for the dollar possibly making new March highs against the franc.
Here’s some trend-continuation goodness for the old-school trend traders out there!After a sharp upswing, USD/CAD is having trouble making new highs above the 1.2500 major psychological level.
And why not? 1.2500 lines up with not only a 38.2% Fib retracement but also a key support in late February.
Bears who are shorting at the first signs of downside breakout of the current consolidation can aim for March’s lows and place stops just above this week’s highs.
Feel like the dollar’s rally has legs? A break above the 38.2% Fib could take USD/CAD to higher Fib levels like the 50% and 61.8% retracements closer to the trend line and SMA resistance zones.
Watch this one closely, will ya?