I know what you are thinking: "What, not the CAD, or the GBP/JPY"? Yes, its true, sometimes I trade other pairs. These two are in nice horizontal channels and, while the rule does not always hold true (see last USD/CAD result), the longer a pair trades in a channel, the greater the break usually is. Both of these pairs have been trading in a pretty tight (100 pip or so) channel since mid-day on Thursday (March 12). On the EUR/USD I'm looking to buy above 1.2957 and sell below 1.2860. On the USD/CHF I'm looking to buy above 1.1934 and sell below 1.1834. Again, the usual rules apply (the usual rules are: at +50 pips move to break even and put a trailing stop on; stop loss set at other side of the channel). As for profit targets, there seems to be some support for the EUR/USD, on the short side, at about 1.2730 and some resistance, on the long side, at both 1.3100 and 1.3200. On the USD/CHF, for the long side I'd look for 1.2250, and on the short side it could go as low as 1.1500. We'll see how this goes. I'll let you know if anything happens.
Happy Trading!
Happy Trading!
