USDCHF long term bias
Posted: Sun Nov 15, 2009 4:50 pm
That's one more pair I watch closely. I've been Short on USDCHF for quite a while and now the time has come to answer the main question once again: "Is this the time to reverse a trade?"
The aswer for me is currently NO.
See the attachments.
The main support at around 0.9640 would conclude the downside move for me, but at the current support level I'm keeping the downside bias and won't review my position until there is more evidence that the market is reversing. For now trend lines are intact, big players continue to favor Swiss Frank, or rather not ready to buy US Dollar back. A stronger motivation should come when we hit the low of mid March 2008, which I consider as a reversal point for my Short position.
So, these are the charts I'm after: EURUSD, AUDUSD and USDCHF. The two last pairs are approaching significant levels and I'm interested to take opportunities I'm after.
The aswer for me is currently NO.
See the attachments.
The main support at around 0.9640 would conclude the downside move for me, but at the current support level I'm keeping the downside bias and won't review my position until there is more evidence that the market is reversing. For now trend lines are intact, big players continue to favor Swiss Frank, or rather not ready to buy US Dollar back. A stronger motivation should come when we hit the low of mid March 2008, which I consider as a reversal point for my Short position.
So, these are the charts I'm after: EURUSD, AUDUSD and USDCHF. The two last pairs are approaching significant levels and I'm interested to take opportunities I'm after.