Yo! Ready to make your mid-week pips?
Whether you like trading the majors or you’re more into the crosses, I got yo back with range and breakout setups on USD/CHF and GBP/JPY.
Check both charts out and see if you can make pips from them!
USD/CHF: 1-hour
First up is a nice and simple ranging situation.
USD/CHF is about to hit the .9250 mark that’s right smack at a range resistance on the 1-hour time frame.Dollar bears who take their cues from Stochastic‘s overbought signal can start scaling in at current levels or wait for an actual retest of .9250 before aiming for the .9200 area of interest.
Feel like buying the dollar against the franc instead? Make sure that USD/CHF has broken above .9250 before you set your sights on areas of interest like .9300 or .9325.
GBP/JPY: 4-hour
Consolidation alert! GBP/JPY is stuck inside a possible symmetrical triangle that can easily be a bearish pennant on the 4-hour time frame.
Will GBP/JPY extend its losses?A clear break below the triangle sets the pound up for a potential retest of the 149.25 support.
If Guppy bulls pay more attention to the support zone, however, then we could see GBP/JPY trade back up to the 152.40 area near the 200 SMA or even the 154.25 inflection point.
Watch this one closely, errbody!