Yo! Welcome to mid-week trading!
Still looking for setups to get your next pips?
USD/CHF is about to hit the .8955 zone, which has been supporting the dollar since late May.The setup looks interesting to me today because there’s a bullish divergence on the 1-hour chart BUT the 100 SMA also looks like it’s running out of momentum as the 200 SMA closes in.
Can USD/CHF extend its losses? A bounce from the .8955 support could not only lead to a retest of the .9050 range resistance but also the start of a longer-term reversal.
Dollar fans can buy at current levels and place stops just under May’s lows for the best risk ratio. Meanwhile, the bears can wait for a break below the range support and then target previous inflection points like .8900 or .8975.
Support alert! AUD/CAD found tons of buyers around the .9260 area of interest and now it looks like the Aussie is ready to retest some of them Fib levels.The 38.2% and 50% Fibs are close to not only the broken channel support zone but also the 100 and 200 SMAs on the daily chart.
AUD/CAD has a long way to go before seeing the Fib levels, though. Aussie bulls can take advantage of the support by buying above the .9400 handle and then aiming for the Fib retracement levels.
Think the Aussie will lose more pips against the Loonie? Watch out for another retest and then a breakdown of the .9260 support for opportunities to target inflection points like .9125 or .9000.