It seems that, although my inclination of a lower Euro is alive and well, the market has other ideas. Luckily (well, not really luck) I'm ready to go either way with a channel breakout trade like I've been following in my last few posts. The EUR/USD broke upward out of the channel last night about midnight and, after a bit of consolidation, resumed its upward movement just after the open of the London session. All in all, about 300 pips. Not bad, considering it moved in the opposite way I thougt it would.
Another trade I'm watching is the USD/CHF. Its been trading in a downward direction from 18 month highs for the last week or so. I've drawn a trendline following the tops of its hourly trading range and would expect it to break upward at some point to retrace some of what it has lost. I'd look for it to go as high as 1.2050 and then if it continues to show strength on to perhaps 1.2200 (my profit target).
Happy Trading!
Another trade I'm watching is the USD/CHF. Its been trading in a downward direction from 18 month highs for the last week or so. I've drawn a trendline following the tops of its hourly trading range and would expect it to break upward at some point to retrace some of what it has lost. I'd look for it to go as high as 1.2050 and then if it continues to show strength on to perhaps 1.2200 (my profit target).
Happy Trading!
