October 14, 2021

Potential Support Setups on AUD/USD and EUR/CHF

 Think you’re ready to trade mid-week opportunities?

I hope you’re prepped for another trading day because AUD/USD and EUR/CHF’s setups wait for no one!

Check them out!

AUD/USD: 1-hour

I don’t know if you’ve noticed but AUD/USD has been on a steady uptrend since finding support at the .7175 zone.

The pair is now trading about 175 pips higher, which means that AUD/USD has already fallen by 50% from this week’s upswing.

Can the bulls keep their momentum? The 50% Fib retracement, ascending channel support, and the 100 SMA on the 1-hour chart should give the Aussie at least some support.

Watch out for the first signs of buying pressure, which could push AUD/USD to this week’s highs. Heck, it could even make new October highs!

If you see AUD/USD finally breaking below the channel and 100 SMA levels, then you should also consider shorting the comdoll until it hits inflection points closer to the 200 SMA or the .7300 zone.

EUR/CHF: Daily

Dollar-trading not your thing? Don’t worry, I gotchu!

EUR/CHF is trading at a verrrry interesting level as it hangs around an area of interest that bulls and bears have been minding since earlier this year.

Now that Stochastic is poppin’ up an oversold signal and candlestick pattern reading shows consolidation, will we see EUR/CHF revisit its September highs?

Don’t be so quick to pull your long trade triggers, though! As you can see, EUR/CHF bulls are still figuring out what’s next after the pair has broken below an uptrend AND a moving average crossover has popped up on the daily time frame.

It’s still possible that bears are just taking a breather and that they’re gearing up to drag EUR/CHF towards new 2021 lows.

Whichever bias you end up trading, make sure to trade this setup with your best risk management moves!