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Trend and range playas huddle up!

Today we’re taking a closer look at GBP/CHF‘s range support and AUD/NZD‘s downtrend.

Check out what’s cookin’ on their charts!

GBP/CHF: 4-hour

GBP/CHF 4-hour Forex Chart
GBP/CHF 4-hour Forex Chart

Earlier this month we spotted GBP/CHF chillin’ like a villain just under the 1.2800 range resistance.

I hope you traded the range because the pound fell down to the 1.2650 range support (almost) faster than altcoins usually drop after a round of FUD!

GBP/CHF is now flirting with the 1.2630 – 1.2650 zone that marks the range support on the 4-hour time frame. Oh, and check out Stochastic hinting of a bullish divergence!

Pound bulls can buy at current levels or at the first signs of bullish pressure. Stops just below the range support would work especially if you’re targeting the mid-range or range resistance areas.

Meanwhile, bears would have to wait for a clear breakout for better odds. Look out for some support near May’s lows as well as the 1.2525 area.

AUD/NZD: Daily

AUD/NZD Daily Forex Chart
AUD/NZD Daily Forex Chart

Holla if you’re a trend tradah!

AUD/NZD is showing signs of hesitation near the 1.0770 channel resistance and previous area of interest. Meanwhile, the current prices are near the 100 and 200 SMAs on the daily.

With Stochastic about to hit overbought levels, you can bet that at least some Aussie bears are checking this out.

Aussie bears who expect AUD/NZD’s downtrend to continue can sell at current levels and aim for May’s lows near 1.0600. Not comfortable about shorting at current prices? You can wait for a bit of momentum and still catch decent pips.

If you think that the Aussie would return to its broken uptrend against the Kiwi, though, then you can watch out for a break above the current descending channel and a return to the ascending channel that AUD/NZD had respected from late 2020 to April 2021.