Welcome to a brand-spankin’ new trading month, forex playas!
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USD/CHF: 1-hourUSD/CHF is popppin’ up hesitation candlesticks near .9140, which isn’t surprising because the level lines up with the 200 SMA and a trend line resistance that the bulls have been respecting since March.
Will USD/CHF extend its short-term downtrend?
Bears can short at current levels to get good risk ratios, but the more conservative sellers can also wait for a bit of bearish momentum before placing short orders all the way to April’s lows.
But wait! Dollar bulls also have a chance to get some pips. Look out for USD/CHF trading firmly above the trend line and the 200 SMA, which could push the dollar to at least the .9180 previous inflection point.
Holla if you’re a range tradah!AUD/USD is sporting wicks near the .7700 major psychological handle that lines up with the 100 and 200 SMAs as well as a range support that bulls and bears have been playing with since mid-April.
Today’s oversold Stochastic signal can bring some bulls to the Aussie’s yard. A long trade at current levels is a good play if you think that the .7700 range support would hold in the next trading sessions.
If AUD/USD breaks below .7700 and the SMAs, however, then you should make trading plans for a possible trip to the .7660 previous resistance or even the .7600 inflection point.
Watch this one closely!