There is heavy resistance at .8805-.8820. The Weekly and Monthly R1 pivots lie in this range, as well as a very long term resistance trendline (see chart above). Coupled with the ending diagonal on the 1h chart, I am hoping that the series of stop runs is over, and that .8840 will be safe!12/11/2008
Trade # 32: USD/CHF Short (Update)
I covered USD/CHF @ 1.1900 for about +250 pips. I am left with EUR/GBP short from .8760. I am setting my stop on this position at .8840.
There is heavy resistance at .8805-.8820. The Weekly and Monthly R1 pivots lie in this range, as well as a very long term resistance trendline (see chart above). Coupled with the ending diagonal on the 1h chart, I am hoping that the series of stop runs is over, and that .8840 will be safe!
There is heavy resistance at .8805-.8820. The Weekly and Monthly R1 pivots lie in this range, as well as a very long term resistance trendline (see chart above). Coupled with the ending diagonal on the 1h chart, I am hoping that the series of stop runs is over, and that .8840 will be safe!
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4 comments:
Great analysis. I am wonderng why you traded usd chf. Eur chf is moving higher on usd downmoves to usd chf is actually moving less than eur usd and vice versa.
Traditionally as I am sure you are no doubt aware, usd chf used to move more than eur usd but since the chf has become a safe haven, eur chf is moving up with eurusd and the stockmarkets and vice versa.
Catherine
That should say 'so usd chf is actually moving less than eur usd'
I was more confident in the USD/CHF's bearish pattern. By the way, I am looking to short EUR/CHF for a short term term.
Now (18.14 uk time) might be a good point to short eur chf 1.5790.
I also shorted eur usd and eur jpy here 1.3368
C
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