Whattup, trend playas!
Whether you like trading the majors or you’re more into them currency crosses, I got yo back today with trend opportunities on USD/CHF and GBP/NZD.
Get ’em while they’re hot!
USD/CHF: 1-hour
USD/CHF is hitting the .9450 levels, which is right smack at a descending channel and 100 SMA resistance on the 1-hour chart.
What makes .9450 more interesting is that it had served as support at least THRICE in June.
Shorting at the channel resistance area and using tight stops to target July’s lows would give you a good reward-to-risk ratio. Just make sure to confirm a bearish momentum before you place them sell orders!
Not convinced that the dollar will extend its downtrend against the franc? That’s fine, you can also watch out for a clear break above the channels and then aim for previous areas of interest closer to .9500 or .9550.
GBP/NZD: 1-hour
Comdoll crosses more your thing?
GBP/NZD is back above 1.9100, which is right around last week’s resistance levels AND a trend line and 100 SMA resistance on the 1-hour chart.
If you’d rather buy the pound against the Kiwi, then you can also buy above the SMAs and then use July’s lows to target previous resistance levels like 1.9270 or 1.9370.
Whichever bias you choose to trade, make sure you’re practicing your best risk management moves like there’s no tomorrow!