Who’s up for a greenback commerce or two?
I hope you’re as a result of USD/CAD and USD/CHF are hanging out close to potential retracement ranges!
Take a look at what’s up on their each day charts:
USD/CHF’s vary resistance was damaged final week when the Dollar hit the .9450 zone earlier than USD bulls took a chill capsule.
USD/CHF is now buying and selling on the .9340 ranges, which is nearer to a serious inflection level on the each day. What’s extra, it’s additionally close to the 38.2% Fibonacci retracement of March’s upswing!
Bulls who imagine that the greenback hasn’t seen a prime in opposition to the franc can purchase at present ranges and goal the .9450 highs if not new month-to-month highs for USD/CHF.
If you happen to’re not assured in regards to the bulls’ momentum, although, then you can too look forward to convincing crimson candlesticks beneath .9340 and goal for earlier help ranges like .9270 or .9160.
Good luck and good buying and selling this one!
Right here’s one for the pattern warriors on the market!
USD/CAD hit resistance at 1.2900 earlier this month and the bears have since dragged the pair to the 1.2570 zone.
What’s fascinating about at this time’s ranges is that it traces up with a pattern line help that hasn’t been damaged since mid-2021. Not solely that, however it’s additionally close to the dynamic shifting averages on the chart!
The cherry on prime of the candy setup is an oversold Stochastic sign.
What do you assume? Will USD/CAD lengthen its uptrend? I’m not seeing inexperienced candlesticks simply but, so greenback bulls may need to attend for a little bit of momentum earlier than betting on pattern continuation.
In the meantime, greenback bears can begin placing orders beneath the clear pattern line help. Constant buying and selling beneath the help zone can drag USD/CAD all the way down to the 1.2480 or 1.2300 areas of curiosity.