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Hollah if you’re trading the dollah!

Whether you like buying or selling the dollar these days, I got yo back with short and swing trade setups on USD/CAD and USD/CHF.

Think we’re seeing legit breakouts on their charts?

USD/CHF: 1-hour

USD/CHF 1-hour Forex Chart
USD/CHF 1-hour Forex Chart

The dollar has been trading in a downtrend against the franc since the second half of December but it looks like the bulls flexed enough muscles to push USD/CHF above the 100 and 200 SMAs.

USD/CHF is now consolidating just under the .9200 mark near the 61.8% Fibonacci retracement of December’s downtrend.

With a low-key divergence popping up on the 1-hour time frame, you can bet that selling momentum below the .9175 area of interest would attract at least some bears to drag USD/CHF back to its December lows.

If USD/CHF gains momentum above .9200, though, then the dollar has successfully broken above its downtrend and may be headed to the .9250 resistance.

USD/CAD: 4-hour

USD/CAD 4-hour Forex Chart
USD/CAD 4-hour Forex Chart

Something just broke and, no, it’s not just your new 2022 resolutions. I’m talking about USD/CAD breaking its uptrend!

The pair is not only trading below a visible trend line support, but it’s also looking like it’s ready for a move lower after getting rejected at the 200 SMA and 31.8% Fib retracement.

Dollar bears who believe that USD/CAD is ready for a short-term downtrend can sell at current levels and aim for previous lows near 1.2630.

If you believe that the dip is just a fakeout, though, and that USD/CAD can and will extend its uptrend, then you can also buy USD/CAD as soon as it consistently trades above the trend line and the SMA support zones.

What do you think? Which way will USD/CAD go?