Ready for a fresh week of forex trading?
Whether you’re into short-term trades or if you prefer trading them swing setups, I got yo back with USD/CHF and GBP/NZD’s setups.
Check these out and lemme know which setup you like more!
USD/CHF: 1-hour
Remember when USD/CHF reversed a downtrend after consolidating in early November? Well, I’m getting a deja vu!
USD/CHF is trading inside a 50-pip range after falling sharply in the last two weeks.
Now that the dollar is flirting with the 100 SMA, I’m not ruling out another reversal in the making.
Look out for a breakout above the .9220 range resistance, which could push USD/CHF to the .9250 zone near the 200 SMA.
If USD/CHF gets rejected at the .9220 area, though, then you can look into shorting the dollar back down to the .9170 range support.
GBP/NZD: 4-hour
I spy with my eye a Double Top pattern in the making!
GBP/NZD is having trouble making new highs above 1.9600, which isn’t surprising since the level had served as support from June to August and resistance in October.
Will traders take cues from the divergence on the 4-hour time frame? A rejection at current levels and then break below the 1.9400 “neckline” could lead to a retest of the 1.9200 area of interest or even a trip back to the 1.8900 lows.
If GBP/NZD makes new monthly highs, however, then the pair could retest the 1.9900 – 2.0000 highs that it made in mid-2021.
Watch this one closely and make sure to make trading plans for any and all scenarios!
