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Whattup, charting brothas!

After talking trends for days, I’m setting my sights on potential reversals for USD/CHF and GBP/JPY today.

What do you think of these setups?

USD/CHF: 4-hour

USD/CHF 4-hour Forex Chart
USD/CHF 4-hour Forex Chart

A couple of long wicks around the .9230 range support tells me that USD/CHF is about ready to bounce.

Of course, it doesn’t hurt that the bulls may be eyeing a bullish divergence on the 4-hour time frame.

Dollar fans can maximize their risk ratios by buying USD/CHF at current levels and then adding up as soon as they spot momentum above the range support.

If you feel like USD/CHF doesn’t look like it will turn higher anytime soon, though, then you can also consider a downside breakout below .9225 and get ready to trade a possible trip to .9150.

GBP/JPY: 4-hour

GBP/JPY 4-hour Forex Chart
GBP/JPY 4-hour Forex Chart

I spy with my eye a possible double bottom on Guppy’s chart!

Take note that GBP/JPY has found support at the big 150.00 psychological handle not once, but TWICE since the start of the month.

I’m seeing a neckline around 150.75 so y’all better pay attention because the pair is already testing the resistance.

A clear break and momentum above 150.75 could lead to a retest of the 100 or 200 SMAs, or even the 151.75 area of interest.

But if the bears manage to defend the “neckline” AND drag the pound back to its April lows, then GBP/JPY could make its way to the 148.50 previous support levels.

Good luck and good trading this one!