Daily Analytics : Support and Resistance Opportunities for USD/CHF and AUD/USD

What to Watch : USD/CHF 1-hour

USDCHF

USD/CHF is popppin’ up hesitation candlesticks near .9140, which isn’t surprising because the level lines up with the 200 SMA and a trend line resistance that the bulls have been respecting since March.

 

Will USD/CHF extend its short-term downtrend?

Bears can short at current levels to get good risk ratios, but the more conservative sellers can also wait for a bit of bearish momentum before placing short orders all the way to April’s lows.

But wait! Dollar bulls also have a chance to get some pips. Look out for USD/CHF trading firmly above the trend line and the 200 SMA, which could push the dollar to at least the .9180 previous inflection point.

What to Watch : AUD/USD 4-hour

AUDUSD

AUD/USD is sporting wicks near the .7700 major psychological handle that lines up with the 100 and 200 SMAs as well as a range support that bulls and bears have been playing with since mid-April.

 

Today’s oversold Stochastic signal can bring some bulls to the Aussie’s yard. A long trade at current levels is a good play if you think that the .7700 range support would hold in the next trading sessions.

If AUD/USD breaks below .7700 and the SMAs, however, then you should make trading plans for a possible trip to the .7660 previous resistance or even the .7600 inflection point.

Written by Big Pippin, Author from Baby Pips

Want to Start Trading ?
Get Started Live Or Try a Free Demo

Copyright© ftgfx.com 2020 | All right reserved