Cross-Eyeing: EUR/CHF
It has been a hysterical past couple of days in the markets, starting with a 9% drop in the Chinese markets, then a 3% drop in US equities, and in the forex markets we're seeing the Yen rise on "carry trade liquidation" fears. Now that the panic seems to have subsided, do we jump back in long some of our favorite carry trades? Well, maybe not the yen, but EUR/CHF looks nice!
On the chart, the pair is currently trading near 1.6100 where it has found support before. The stochastics are looking oversold, so it may be a good time to jump back into this uptrend. The current market price is around 1.6120, so we will wait until the price drops back down to 1.6100 before jumping back in.
Long EUR/CHF at 1.6100, stop at 1.6070, pt1 at 1.6150, pt2 at 1.6200
Remember to never risk more that 1% of your account on any single trade, so please adjust your position sizes accordingly.
Related Posts:
- Cross-Eyeing EUR/CHF - Close Trade 10:03 01 July 2008
- Cross-Eyeing: EUR/CHF - Trade Closed 03:00 06 June 2007
- Cross-Eyeing: EUR/CHF - Trade Closed 09:02 15 July 2008
- Cross-Eyeing: EUR/CHF - Trade Closed 00:10 29 March 2007
- Cross-Eyeing: EUR/JPY 13:40 31 January 2007
Archived Comments (1)
Forex Blog: Currency Cross-Eyed
I got in a little late, dame time zone stories only read the your post this morning, anyways i am in. Bollinger band say it should bounce to 1.6200 nicely aswell. May the force of the bull be with you all.