Whattup, forex playas!
Ready to catch them trend and range opportunities?
Take a look at USD/CHF and NZD/JPY’s charts and see if you can sneak in a pip or two (or fifty) in the next trading sessions!
NZD/JPY: 1-hour
Remember when we looked at NZD/JPY pulling back after breaking above a trend line resistance earlier this week?
Well, Kiwi has made new August highs since then. If you’re worried about missing an uptrend, though, then you should pay attention to the current pullback that may just reach another set of Fibonacci retracement levels.
NZD/JPY bulls who are confident that the Kiwi would make new monthly highs RIGHT NOW can buy at current levels and aim for inflection points like 78.00 or 78.40.
If you believe that the bears would take more bites out of NZD’s gains before letting the bulls take over, then you can also wait for pullbacks closer to the trend line or a couple of bullish candlesticks before pulling the trigger on your long orders.
Feel like NZD/JPY will end its uptrend? You can also wait for a clear break below the trend line support that we’ve marked and then aim for previous areas of interest like 76.50 or 76.00.
USD/CHF: 4-hour
Here’s one for range-loving traders out there!
USD/CHF is hanging out at the .9225 zone that has been serving as resistance since mid-June.
Now that Stochastic has made its point at the overbought region, I bet at least some dollar bears are checkin’ out a possible trade to the .9050 range support.
You can sell at current levels if you’re bearish on the dollar and you prefer higher risk ratios. Of course, you can also wait for at least some momentum if you’re not confident in the dollar losing pips against the franc.
If you believe that USD/CHF’s upswing will lead to an upside breakout this week, then you can also make trading plans for a possible trip to the .9310 or .9375 previous support and resistance zones.
