Support and Resistance Tests For EUR/USD and GBP/CHF - Kakiforex.com - Financial Market Media No. 1 in the World Support and Resistance Tests For EUR/USD and GBP/CHF Support and Resistance Tests For EUR/USD and GBP/CHF
InstaForex

August 11, 2021

Support and Resistance Tests For EUR/USD and GBP/CHF

 Can you believe it’s the middle of the trading week?


Whether you like trading the majors or if currency crosses are more your style, I got your back with swing and long-term opportunities on EUR/USD and GBP/CHF.


Check them out!


GBP/CHF: 4-hour

GBP/CHF is struggling to sustain its upswing around the 1.2800 psychological handle.



And why not? As you can see, 1.2800 has been holding as resistance since mid-April.

Pound bears who are confident that 1.2800 will hold for another day can short at current levels and target Fibonacci retracement levels near July’s highs.


Think GBP/CHF will finally break above resistance in the next trading sessions? Watch out for sustained trading above 1.2800, which could push the pound all the way to 1.2900 or even 1.3000.


EUR/USD: Daily

I spy with my eye a support zone ahead for EUR/USD! The euro has been trading in a wide range against the dollar after seeing a sharp increase back in Q2 2020.



Thing is, EUR/USD is fast approaching the 1.1700 support area that the bulls have defended since Q3 2020.

Will the euro find support at the zone again? Stochastic is currently on the bulls’ side with an “oversold” signal so you know that at least some buyers are looking at the setup.


Look out for a couple of bullish candlesticks, which could inspire a bounce to the 1.1900 inflection point.


If you see EUR/USD trading and staying below 1.1700, though, then you also gotta be ready to switch teams faster than my dude Lionel Messi and aim for potential support zones like 1.1400.