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Chart Art: Swing Trend Continuation Trades On USD/CHF And AUD/USD

October 27, 2022| Forex Market

Who else is watching for pullback opportunities?

If you’re eyeing the majors’ pullback from their notable levels, then you better not miss USD/CHF and AUD/USD’s setups.

Check them out!

AUD/USD 4-hour Forex Chart

AUD/USD 4-hour Forex Chart

AUD/USD has been in an observable downtrend since mid-August!

AUD bulls eventually got enough clout though, and AUD/USD found support at .6200.

AUD/USD is now trading closer to the .6500 psychological handle that lines up with September’s lows, the 4-hour 200 SMA, and a trend line resistance that hasn’t been broken in weeks.

Shorting at current levels would yield a good risk ratio especially if you’re convinced that AUD/USD’s downtrend ain’t over just yet.

You can aim for October’s lows near .6200 but the .6325 zone would do if there’s not enough bearish momentum to hit new monthly lows.

Think AUD/USD would break higher instead?

Watch the trend line and 200 SMA resistance zones for clear breakout patterns!

USD/CHF 4-Hour Forex Chart

USD/CHF 4-Hour Forex Chart

“Parity” is over for the dollar bulls!

Well, at least while USD/CHF continues to trade below 1.0000.

USD/CHF is consolidating near .9850, which is right smack at a trend line resistance, 200 SMA, and a previous resistance level on the 4-hour time frame.

You can start scaling in at current levels if you’re confident that USD/CHF will return to its levels above parity.

If you’d rather short the dollar, then you’ll want to do it AFTER USD/CHF breaks (and stays) below the trend line support that we’ve marked.

Good luck and good trading this one!

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