Whattup, forex friends!
Whether you like trading dollar majors or if comdoll crosses are more your thing, I got you covered with simple support zones for USD/CHF and EUR/AUD.
Get ’em while they’re hot!
Trend pullback alert!If you check your 1-hour chart, you’ll see that USD/CHF is about 50 pips away from the .9225 zone that lines up with an ascending channel support that’s been around since late July.
Now that USD/CHF looks ready for another bounce, do you think we’ll see the dollar revisit its September highs?
Dollar bulls can start scaling in at current levels and then add to existing positions as soon as we see bullish momentum.
If you’d rather sell the dollar against the franc, however, then you’ll want to keep your eyes peeled for the first signs of breakout below the channel support.
Watch this one closely, errbody!
Here’s a simple S&R play for ya!EUR/AUD is having trouble making new lows below 1.5930, which isn’t surprising since it lines up with a resistance from July and a support level that hasn’t been broken since early August.
Euro fans can buy at current levels and target previous resistance zones like 1.6150 for a good risk ratio.
If you’re really confident in the euro’s strength, though, then you can also aim for August’s highs closer to 1.6400.
Not feelin’ the love for the euro? Wait for a clear break below the support zone that we’ve identified before gunning for potential profit targets like 1.5850 or 1.5700.