FX Alert

While equity longs are doing their thing I’m seeing a great setup over on the FX side right now:
[amprotect=nonmember] Charts and commentary below for anyone donning a secret decoder ring. If you are interested in becoming a Gold member then don’t waste time and sign up here. And if you are a Zero subscriber it includes access to all Gold posts, so you actually get double the bang for your buck.
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EUR/CHF is touching its daily buy net-line and that’s a great setup for a reversal trade, easily protected by a stop a few ticks above the NLBL. If it close above then the trade reverses into a long with a target around 1.130.

Confirmation of the short side is available on the hourly panel on the left side. The 1.0926 NLSL has been touched a few times and if you’re more conservative wait for that one to breach first. Unfortunately the first support zone is at 1.088 and that’ll have to be breached in order to assure a push lower to 1.075.

Confirmation of the long side is available on the daily panel via a close above the next cluster of NLBLs near 1.100.

BTW, I have no conviction either way – whatever side it’ll go that’s the trade I’m going to take.

Similar setup over on the USD/CHF (could the buck finally find a bid?). That 0.774 will be a key level and it’s got a decent chance of snapping back before it decides which way it’ll go. Either way – similar rules and on the hourly panel you can get confirmation regarding a long trade if it pushes and closes above 0.7723. Again, I have no conviction either way – taking whatever side wins the rope pulling contest. Yes, I’m a cheap whore when it comes to my FX trades 😉

Cheers,

Mole
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