Time to reassess
- Decided to take profit on the USDCHF trade today at 0.9925 and 0.9965
- As per previous updates(please follow the links) , I’ve been trading it lately between 0.9925 and 0.9880
- I am falling a bit short of the final targets at 0.9990( fib extension) and 1.0020, but the EURCHF is showing cracks after the past weeks of support , coming down from over 1.17 to below 1.1650 writing this, risking a false break through the resistance line @ 1.1680.
- In the meantime EURUSD is coming close to supports at 1.1680 and 1.1660 and EURJPY fails to hold the rallies as well.
- And last but not least , the trade finally made 230 points on the original entries, jobbing included plus10 days of positive carry from initiation.
- I will reassess if we come back down to 0.9880 support or on a break of 1.0025
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Hi K-Man! Still holding your long eurchf? I shorted it at 1.17 yesterday but now out. I took long eurgbp at 0.8880 and eurusd 1.17….
Hi Stéphane , no I’m out of eurchf too . Today was the make or break for me above or below the 1.1680 . I have been mostly long of it , but from 1.1575 , it’s been in/out . Been seemingly enough today and the steady demand finally seems gone or at least taking a serious breather .
Hey K-man! Not sure how I found this website but I’m very glad I have. I see you and Ryan posting regularly, that’s great.
My view on USD is that it is approaching key levels against all majors:
EURUSD 1.166/1.16
USDJPY 114.5
USDCHF 0.997/1
AUDUSD 0.763
NZDUSD 0.685/00
Let alone cable that lives in its own world.
For USD to push through these would mean to undo most of the leg down done in the 1st half of the year. Don’t think that will happen easily. For the medium/longer term, I’m thinking of shorting USD against CHF (current price could be good) and AUD (as long as 0.763 holds)
He 5magics, welcome to the pleasure dome . Good reading you!
We are indeed on pretty important levels across the spectrum, hence I closed my usdchf. Maybe a tad early but future will tell.
All the currencies take their turns in the spotlight these days , a lot to look out for . I reckon NZD has another leg lower in it looking at Arderns policy .
Jpy … I haven’t given up the idea JPY is going to weaken further, but we need real money flows to help, the Japanese investors and/or foreigners pouring cash back into the Japanese stock markets .
Same for the USD . If Tax reforms come through and some of the 2.5trln USD parked outside of the US find their way back home , it’s going to be hot .
It could all happen soon , but for now I think I’m going to surf a few intermediate waves and see how things unfold.
That’s right, lots of thing unfolding at the moment … add also the Fed Chair Contest that’s going on at the White House
That seems to be heading towards Powell-Taylor , in which order tbd , my 2 bucks go in that order