Not feelin’ like trading the U.S. dollar today?
I gotchu!
Take a look at EUR/CAD and GBP/CHF are hitting key support levels:
EUR/CAD 4-hour Forex Chart by TradingView
EUR/CAD just registered another higher high after bouncing from the 1.4360 zone!
Does this mean that EUR/CAD’s uptrend is still valid?
The pair’s bounce from the 4-hour chart’s ascending channel says YOU BET.
Before you aim for previous highs like 1.4650, however, you should also note that EUR/CAD hasn’t passed key resistance levels yet.
I’m talking about the mid-channel line near the 100 and 200 SMAs!
Stochastic is also favoring EUR bears right now with an “overbought” signal on the chart.
Keep an eye on the next candlesticks for the pair’s direction. A break above the SMAs could push the pair to 1.4600 and beyond, while a rejection from the 1.4450 zone might force another retest of the channel support.
GBP/CHF Daily Forex Chart by TradingView
Looks like the 1.1000 support held for another day!
GBP/CHF found a couple more buyers at the support zone that hasn’t been broken since late 2022.
The bounce from 1.1000 could lead to a range support opportunity as GBP/CHF heads for the 1.1250 – 1.1350 previous areas of interest.
Clear and consistent trading above the 100 and 200 SMAs opens GBP/CHF to a move to the 1.1550 range resistance level.
The pair could even aim for a longer-term trend line resistance if there’s enough momentum!
But if GBP/CHF fails to get past the 100 SMA, then there’s a chance that the pair could retest and then break below the 1.1000 support.
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