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!

4 comments:

Anonymous said...

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

Anonymous said...

That should say 'so usd chf is actually moving less than eur usd'

Narayana said...

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.

Anonymous said...

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