Bruh, wanna talk trends?
USD/CHF just hit a channel resistance and NZD/CAD is hanging out inside a rectangle!
Feel like making pips from these setups? Check out them charts!
USD/CHF: 1-hour
Just a week ago we talked about USD/CHF finding resistance at the top of a short-term channel.
Missed the boat? Here’s your chance, yo!The dollar is back at the channel resistance, this time hitting the .9200 psychological handle that also lines up with the 61.8% Fib pullback and 200 SMA on the 1-hour time frame.
Can dollar bears extend the party? Shorting at current levels would yield boss-level risk ratios especially if USD/CHF ends up making new October lows in the next trading sessions.
If USD/CHF trades and stays above the 200 SMA, though, then you should also consider aiming for previous areas of interest like .9250 or .9300.
NZD/CAD: 1-hour
Consolidation alert!
NZD/CAD is having picking its next direction as it trades inside what looks like a rectangle after hitting the 61.8% Fib retracement of the last major downswing.What do you think? Does NZD/CAD still have room to rise? Keep in mind that rectangles can break in either direction.
If NZD/CAD makes new weekly highs, then we may see the Kiwi gain another 90 pips (the height of the rectangle) on the Loonie.
If NZD/CAD finds resistance from the rectangle ceiling, though, then the pair might head towards the 200 SMA or the lower Fib levels. Watch out for a dip towards the .8750 – .8800 area!
