Pending Short USD/CHF (0.892X) & Long EUR/USD (1.366X)
Reminder: both pairs are negatively correlated, so if one goes up, the other goes down. Having said that, if one keeps going up, the other one will keep going down as well. Both pairs are coming up on levels of interest.
USD/CHF bounced off a resistance level today (0.8900) but I'm waiting to short the 50% fib level at 0.892X. The 0.8900 to 0.892X region is considered resistance going into next week.
EUR/USD bounced off a support level today (1.3700) but I'm waiting to long the 61.8% fib level at 1.366X. The 1.3700 to 1.366X region is considered support going into next week. However, the support region can extend down to 1.364X as well, this may lead to USD/CHF overshooting it's resistance region.
If either pair breaks through their S/R region, then the other pair is void as well.
Stop loss is hard to determine but it's probably better to use tight stops for this one because there are lots of levels close by: 61.8% fib on USD/CHF at 0.8980 and 78.6% fib on EUR/USD at 1.3580. I have a level at 1.3600 as well on my charts (don't remember why) for EUR/USD as well.
I would leave my TP open and just close when I see weakness.
USD/CHF bounced off a resistance level today (0.8900) but I'm waiting to short the 50% fib level at 0.892X. The 0.8900 to 0.892X region is considered resistance going into next week.
EUR/USD bounced off a support level today (1.3700) but I'm waiting to long the 61.8% fib level at 1.366X. The 1.3700 to 1.366X region is considered support going into next week. However, the support region can extend down to 1.364X as well, this may lead to USD/CHF overshooting it's resistance region.
If either pair breaks through their S/R region, then the other pair is void as well.
Stop loss is hard to determine but it's probably better to use tight stops for this one because there are lots of levels close by: 61.8% fib on USD/CHF at 0.8980 and 78.6% fib on EUR/USD at 1.3580. I have a level at 1.3600 as well on my charts (don't remember why) for EUR/USD as well.
I would leave my TP open and just close when I see weakness.