Bruh, wanna talk trends?
USD/CHF just hit a channel resistance and NZD/CAD is hanging out inside a rectangle!
Feel like making pips from these setups? Check out them charts!
USD/CHF: 1-hour
Just a week ago we talked about USD/CHF finding resistance at the top of a short-term channel.
Missed the boat? Here’s your chance, yo!
The dollar is back at the channel resistance, this time hitting the .9200 psychological handle that also lines up with the 61.8% Fib pullback and 200 SMA on the 1-hour time frame.
Can dollar bears extend the party? Shorting at current levels would yield boss-level risk ratios especially if USD/CHF ends up making new October lows in the next trading sessions.
If USD/CHF trades and stays above the 200 SMA, though, then you should also consider aiming for previous areas of interest like .9250 or .9300.
NZD/CAD: 1-hour
Consolidation alert!
NZD/CAD is having picking its next direction as it trades inside what looks like a rectangle after hitting the 61.8% Fib retracement of the last major downswing.
What do you think? Does NZD/CAD still have room to rise? Keep in mind that rectangles can break in either direction.
If NZD/CAD makes new weekly highs, then we may see the Kiwi gain another 90 pips (the height of the rectangle) on the Loonie.
If NZD/CAD finds resistance from the rectangle ceiling, though, then the pair might head towards the 200 SMA or the lower Fib levels. Watch out for a dip towards the .8750 – .8800 area!
