Greetings. This post is a short update to my Sunday article: some trading setups for this new week
Silver
Silver bounced off support around 28 and recovered to as high as 29.90 earlier today. Although last reversal candle, formed after reaching a fresh record at 30.66, is still valid – uptrend was once again confirmed and it is very strong (check the weekly charts to see an almost-straight line from 18 to 30). I remain bullish on Silver and I expect it to overcome 30 soon.
Where it was:
- Silver 12.12.2010
Where it is:
- Silver update 1d chart 12-14-2010
USDJPY
Even though the Yen was weaker across the board in the last two days, it outperformed the dollar and the pair continues to trade into the 82.80-84.30 range. I was looking for a break above 84.30 but current pullback puts my expectation on-hold. Short-term sentiment is still bullish but we are into a sideways cycle now and it is better to wait for a break on either side before considering any swing trades.
Where it was:
- USDJPY 1d chart 12-12-2010
Where it is:
- USDJPY update 1d chart 12-14-2010
CHFJPY
This cross was is the star nowadays, since 85 was breached, and continues to climb higher, beyond my expectation – which ain’t bad. As mentioned in the last articles, I’m bullish on CHFJPY as the Swiss franc is, probably, the last safe-haven currency. So, I ask: while even the ‘mighty’ yen is outperformed on medium term basis by several currencies, including the dollar and euro, where’s the Swiss franc heading against the yen? Short answer: sky is the limit.
- CHFJPY 1d chart 12.12.2010
Where it is:
- CHFJPY update 1d chart 12-14-2010
EURCHF
A total disaster for the euro. If the daily chart is strongly bearish and the weekly is scary, then how is the monthly one? I’d say “laughable”. Comparing EUR to CHF today is like comparing potatoes to diamonds. Which one you’d like to own in your bank deposit? Well, I wouldn’t buy this thing for some weeks, even if it will magically switch direction (hear that, SNB?)
- EURCHF 1d chart 12.12.2010
Where it is:
- EURCHF update 1d chart 12-14-2010
EURGBP
The trend line started from .8065 of June, connecting next higher lows still provides support. I was looking to sell on weakness below the said trend line but it held, so I’m currently keeping an eye on the daily charts for new reasons to enter short.
- EURGBP 1d chart 12.12.2010
Where it is:
- EURGBP update 1d chart 12-14-2010
USDSEK
I was expecting the dollar to climb higher towards the range’s top, around 7.050 but it lost ground in the last two days. I guess I was wrong. The range bottom is currently tested and a daily close below 6.8 will probably open 6.5.
Where it was:
- USDSEK 1d chart 12.12.2010
Where it is:
- USDSEK update 1d chart 12-14-2010
GBPNZD
This is another cross which I was carefully watching lately, because the break above last month’s roof could have been a decent buy signal. Yesterday’s candle was also confusing since it provided a new hope but the pound eventually collapsed today, again. Break out negated? Yeap, so far. False break down, back into the range? We’ll see.
- GBPNZD 1d chart 12.12.2010
Where it is:
- GBPNZD update 1d chart 12-14-2010
This is all for now. Good luck trading and don’t forget today is not over yet: Fed decision in few minutes
in commenting Eur/Chf this person/analist gets emotional.
"Comparing eur to CHF is like comparing potatoes to diamonds"
Not only is the guy proving his fundamental knowledge is lacking, but talking about a currency as 'a thing' shows why he is not fitted to the job.
- european debt in total AND unemployment doesn't even come close to the US-performance in this respect.
- now that there is a little bit of good news coming in (and all of us are glad!) it is not proper conduct to act as if other currencies, specificcally euro, is in the deepest …-hole.
What all readers expect is factual, non-emotional and not exaggerated comments.
Tell him to do so!
please don't tell me you are one of the 5-10 euro bulls left.
What does the EUR/CHF have to do with the US debt? Last time I checked, both EUR and USD were down big-time against the CHF. Therefore both EUR and USD look like potatoes. Is that a non-biased opinion, now?
There are over 1 gazillion sites,newspapers and TV channels providing "pro", "non-emotional" and "not exaggerated" comments for their audience.
Last time I checked, this site we're on was a blog. Guess what? – Biased, emotional, offtopic, smart, stupid, funny or annoying opinions are fully allowed and welcome. And so are the comments.
However, you were likely not aware that your are on a personal trading blog and not on Bloomberg site…
There are trades besides EURUSD :). http://www.zerohedge.com/article/trade-against-sn…
I linked to that one 5 hours ago on FB. You're not paying attention :P
well, it really hurts my eyes if I look at EURCHF. It's like yesterday (November) when I was quite happy it had a chance to reach 1.4-1.45.
Good analysis from Kathy. http://www.fx360.com/commentary/kathy/4647/usd-tu…
thanks for sharing
I reckon I'm allergic to rating agencies. I like to call them "financial trolls"
Though I imagine how cool would be to work for one:
*smoking break on balcony*
colleague joins:
- Hey, hi!
- Hi mate, `sup?
- Not much, smoking a last cigarette before we release the news that we downgrade Portugal lol
- Ha! WAIT! let me login to my 1:200 leverage account first!!!