Rise and shine, forex geeks!
Today we’re looking at swing trade opportunities for majors and currency cross traders alike.
Did you know that USD/CHF is on a downtrend and that EUR/AUD is testing a triangle resistance?
USD/CHF: 4-hour
USD/CHF bounced lower from the .9150 zone, which isn’t surprising because the minor psychological area lines up with a trend line resistance that has held at least twice in the last couple weeks. What’s more, the 100 SMA is also around the area!
If you’d rather buy the dollar against the franc, however, then you can also wait for the currency pair to make new weekly highs and then target the 200 SMA or even the .9300 area for your long trades.
Whichever bias you end up trading, make sure to practice your best risk management moves like your trading account depends on it!
EUR/AUD: Daily
After hitting highs just under the big 2.0000 mark, EUR/AUD has gone back to Earth. Or at least its late 2019 range.
Will the euro see an upside breakout against the Aussie? Take note that the 100 SMA has also just crossed below the 200 SMA on the chart.
A break above 1.6550 could push the pair to its 1.6850 previous areas of interest. A rejection at the triangle resistance, however, could lead to another retest of the triangle’s support.