Where my forex trading brothas at?
Check them out!
Range traders gather ’round!
USD/CHF is about 20 pips away from the .9225 zone that dollar bulls have been holding since the start of the month.Can the bulls maintain the dollar’s upside momentum all the way to the .9250 mid-range level or the .9300 range resistance?
The 1-hour oscillator is warning us that the dollar may hit “overbought” conditions despite only moving by a bit from the support level.
Bears can start aiming for another range support retest once USD/CHF encounters enough resistance at the .9250 – .9265 mid-range and SMA levels.
Meanwhile, dollar fans can load small positions at current levels and then take profits at the mid-range or even the range resistance zones.
In case you missed it, the 88.00 major psychological handle said “not today, bruh” to CAD/JPY and now the Loonie is chillin’ at the 86.50 levels.Looking for an opportunity to jump in on CAD/JPY’s uptrend? Keep an eye on the 38.2% Fib, which lines up with a previous resistance zone on the daily time frame.
If you think that the Loonie still has some way to go before seeing bullish pressure, then you can also place them long orders at the 61.8% Fib that’s closer to the SMAs and the broken trend line resistance.
What do you think? Will CAD/JPY see a deeper retracement? Or will the Loonie soon make new 2021 highs against the yen?