Welcome to a brand-spankin’ new trading week!
We got a decent mix of trend, range, and breakout plays as we look at EUR/CHF, DXY, and AAPL’s daily and weekly charts.
Check them out!
EUR/CHF: Daily
Euro bulls gotta watch out for a buying opportunity at 1.0850, which lines up with a major 2020 resistance, a trend line support, and the 200 SMA on the daily time frame.
Meanwhile, bears can take advantage of the bearish wicks and the current downswing. I’m talkin’ about selling until we see a more sustained bullish pressure!
US Dollar Index: Weekly
Are dollar bears about to run out of steam?
The Dollar Index is flirting with the big 90.00 psychological handle that hasn’t been breached since 2014. That’s about the time our boy Bradley Cooper was giving us sniper moves in the American Sniper!
With Stochastic close to hitting oversold levels, I’m betting my neighbor’s Peloton bike that at least some dollar bulls are watching. Keep an eye out for a bounce at the level, which could take the dollar back up to the 94.00 – 96.00 areas of interest.
If the dollar breaks below the range support, though, then you should also consider shorting the Greenback until it hits major inflection points like 88.00 and 87.00.
AAPL: Weekly
Right now it looks like the bears are holding the resistance level. But the week is just getting started!
Look out for another red candle, which could lead to AAPL dipping back to its rising trend line support.
If the next candles push the stock back to the resistance, however, then you should prepare for an upside breakout that may take AAPL to 140.00 or even the 150.00 levels.
