Whether you like trading the majors or if you’re more into currency crosses, I’ve got you covered with a Fib play on USD/CHF and a range resistance setup on EUR/GBP. Get ’em while they’re hot!
USD/CHF: 4-hour
USD/CHF is having trouble making new highs around the .9650 area, which isn’t surprising since the level lines up with a broken support, 61.8% Fib retracement, AND the 200 SMA on the 4-hour time frame.
A short order at the first signs of bearish pressure would give you a good reward-to-risk ratio especially if you place your stops just above .9700 and aim for the pair’s March lows.
Think dollar bulls are just getting a breather? You can start loading up your longs as soon as USD/CHF clears the 200 SMA and maybe aim for .9900 or until you see some selling pressure.
Whichever bias you choose to trade, make sure you’re practicing your risk management skills like a champ!
EUR/GBP: Weekly
Can you believe that EUR/GBP has rocketed by around 750 pips in the last FOUR weeks?!
Will the bears defend the level for another day? Shorting at the first signs of selling around the area would give you the best reward-to-risk ratio especially if EUR/GBP drops back down to its .8400 range support.
If you think that nothing’s gonna stop EUR/GBP, however, then you can also place small long positions at market and build up your upswing play until the pair reverses or sees significant retracement.
Monday, September 24, 2018