15 Jan USD:CHF Re-Visit And Brief Analysis; 15th January 2013
Ok, so last Week I was very interested in buying USD:CHF on condition we saw no Daily closes below 0.9182. Well, that level was breached and the trade idea was abandoned.
However, revisiting the chart today and suddenly that prospective long could be back on the table, funnily enough the same applies to the failed GBP:CHF long of last Week.
I’m just watching at the moment, but you can see from this chart, price has broken out of a falling wedge pattern, and there are potential horizontal, trend line and 100 MA supports that may find buyers on further pull backs.
Just watching for now and awaiting signs that this could be the start of something bigger.
Also an update, I’ve entered a small GBP:USD short following the analysis detailed yesterday. It’s not the type of trade I’d normally take, but the more I looked at the support line on the Hourly chart as a potential buy area, the more I became convinced that is where price is heading before any reversal is likely to take place, therefore I’ve entered short with stops on a Daily close above today’s high, but will be watching this trade intraday to close it out if it shows signs of reversing early.