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Chart Art: Support Levels to Watch for USD/CHF and AUD/NZD

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AUD/NZD just pulled back from its trend while USD/CHF is showing signs of reversing.

Wanna see what’s up on their charts?

Check out these 4-hour and daily time frames!

AUD/NZD 4-hour Forex Chart

AUD/NZD 4-hour Forex Chart

AUD/NZD has been trading in a steady(ish) uptrend since the start of the year when the pair busted above the 1.0500 mark.

Aussie bulls have a chance to jump in the uptrend after the pair got rejected from the 1.1150 highs.

It’s now trading closer to 1.1050, which is right smack at the 100 and 200 SMAs as well as a previous resistance level on the 1-hour time frame.

Feel like buying AUD? You can buy at current levels and place your stops just below the SMAs for a good risk ratio.

If you’d rather short AUD, however, then you’ll want to wait at least until AUD/NZD breaks the 1.1050 and SMA support zones.

Good luck and good trading this one!

USD/CHF Daily Forex Chart

USD/CHF Daily Forex Chart

USD/CHF buyers made another play for parity this week, but USD bears legit said “not today!” and dragged the pair hundreds of pips lower.

USD/CHF is now forming what looks like a Double Top pattern on the daily time frame with the .9575 zone acting as the “neckline.”

Stochastic‘s overbought signal might help bears reach the Double Top neckline or even the .9450 zone near the 100 and 200 SMAs.

Think we’ll see a downside breakout? Or will USD/CHF find support at .9400?

USD bulls can wait until USD/CHF hits the areas of interest or even some bullish momentum before scaling in some long positions.

If you believe that USD/CHF is about to see more pain, though, then you can take advantage of the current bearish momentum and then bail at the first signs of sustained demand.

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