Trade Closed: 2007-03-13 11:40
The rest of our position was stopped out at breakeven as the Greenback found momentum to the upside as we near the end of the Euro trading session. It looks like 1.2200 was a pretty good support level for the pair as the pair found a low at 1.2075 before buyers brought the dollar/swiss back above 1.2200.
1st half: +30 pips
2nd half: +00 pips
Total: +30 pips
Trade Adjustment: 2007-03-13 09:35
With US equities open now, we have money flowing and our position moving after a brief lull. The pair is finding support around 1.2185. I will close half out position at 1.2185 to lock in some profit and adjust the stop to breakeven on the rest of our position. I’m still eyeing 1.2165 and once the pair reaches that area we will make another stop adjustment and target 1.2115. Good luck!
Trade Update: 2007-03-13 08:40
Our short trade on USD/CHF was triggered at 1.2215 in the late morning Euro session. We just saw US Retail Sales released with the headline at +0.1% and ex-Autos at -0.1%; both weaker than expected. This pushed the pair briefly under 1.2200 before trading back up to around our entry level. The new question of the day is, “will 1.2200 hold or give way to sellers?” At the moment it is holding, so we’ll have to keep an eye on this trade and make adjustments, if necessary. Stay tuned!
Trade Idea: 2007-03-13 00:01
The US Dollar sold off most of the majors today, with the Swissy being one of the biggest gainers against the Greenback. We’re seeing a retracement now, so the question of the day is, “will the downside momentum continue?” Well, we have investors flocking to the Swissy as a safe haven, plus the Swiss central bank is expected to raise the benchmark lending rate by 25 basis points this month.
What may push our trade for tomorrow is the US Retail Sales report later today at 8:30 am EST. A weak number should help our short bias on the pair. Here’s a short trade idea:
If our trade hits pt1, we may partially close our position and adjust our stops.
Good luck and trading!