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Chart Art: Retracement Opportunities on EUR/USD and NZD/CHF

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Remember, remember, it’s the start of November!

Let’s put our brainpower, reason, and plotting skills to the test by checking out EUR/USD and NZD/CHF’s chart opportunities.

Which setup do you think will yield you more pips this week?

EUR/USD 1-hour Forex Chart
EUR/USD 1-hour Forex Chart

Traders dropped the euro like it was going out of style and now EUR/USD is consolidating near the 1.1550 minor psychological handle.

Will the common currency recover against the dollar? I got my eyes on the 1.1600 area, which lines up with the broken ascending channel support on the 1-hour time frame.

A rejection at the broken support would mean that the fourth moving average crossover on the chart above is legit and that EUR/USD could see new Q4 2021 lows in the next few days.

If EUR/USD goes back inside its ascending channel, though, then y’all gotta be ready to trade a short-term uptrend that could take the euro back to its 1.1700 October highs and beyond.

NZD/CHF 4-hour Forex Chart
NZD/CHF 4-hour Forex Chart

Here’s one for my trend-following friends!

NZD/CHF just bounced from the 100 and 200 SMAs, which isn’t surprising since it’s also near a major area of interest on the 4-hour time frame.

What makes the chart interesting today is that the bounce would be in line with an uptrend that’s been around since late August.

If we are seeing a trend continuation, then Kiwi bulls can buy at current levels and target October’s highs or new Q4 2021 highs for NZD/CHF.

A clear break below the Fib retracement levels and trend line support, on the other hand, would mean that the uptrend has lost steam and that NZD/CHF could be headed for areas of interest closer to .6400.

The Blogger Scientist is a "Medical Physiologist" and a "Financial Asset" Content Creator who aims at enlightening web reader on varying Financial Assets such as Stocks, FX, Crypto, MLM,. HYIP among others.

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