Forex Analysis

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Forex Analysis

USD/CHF (cont)

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Yesterday I shorted 4 mini positions in USD/CHF.

Initial stop was 1.0850 but I moved stop for 3 positions to 1.0915 as I decided to leave positions overnight. One position was stopped with loss around 60 pip. Other 3 positions remain. I closed them recently around breakeven as  usually I don't keep open positions in weekend.

Last Updated on Tuesday, 23 February 2010 16:31 Read more...
 

CHF analysis

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USD/CHF moved strongly from 2009 November low at 0.9912 up to now. It moves around 900 pip in two and half months. Will this uptrend continue ? Or  CHF will make a correction?

It is really hard question. CHF looks very strong: it makes new MACD high on daily Chart, second leg is longer than first leg. CHF reached upper channel line and penetrates it. Talking in Elliot Wave terms question is: is all this uptrending pattern  Impulse or just Zigzag ?

If Impulse, uptrend will continue. In this case we are in Wave 3 and Wave 3 usually reaches at least 162 % of Wave 1. In this case CHF should reach at least 1.1070

If Wave 3 is forming now, CHF should move strongly up throught higher uptrend channel line.

However In case of Zigzag higher uptrend line should hold.

 

Last Updated on Saturday, 13 February 2010 21:18 Read more...
 

GBP profit

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We were very successfull with GBP this week. Profit on two days exceeds 1500 USD

 

Last Updated on Wednesday, 10 February 2010 20:14 Read more...
 

CAD 2010-02-12

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Yesterday day moved down strongly, retracing more than 50% of recent advance. This three days declining looks like downside Impulse. If so, we should expect correction and then next leg down.

CAD moved well below minor low of 1.0542. MACD is now strongly in bearish territory. So probability of Head & Shoulders formation decreased.

I will wait and look if correction upwards will began. If so it could be good chance for shorting CAD.

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