Here’s The Trade I Added To Last Night
Despite the eagerly anticipated jobs
report tomorrow, there has been some good movement in our current FX
position overnight, short EUR/CHF. Aside from that, the big move
from Tuesday on the heels of the Consumer Confidence and ISM data, which
disappointed the market, the movement has been sideways. This pattern
clearly demonstrates that this market is far more reliant on news then any other
factor presently. The dilemma is being positioned properly, even solid
technical set-ups succumb to “far from consensus” economic data.
Meanwhile, we added to our short EUR/CHF last night as the
1.5330 level was breached. Technically this trade is kicking in, the
situation in Russia regarding the terrorists may be adding a bid to the Swiss
Franc and these comments from SNB President Roth also provided a catalyst:
“The main catalyst for the move was
comments from SNB President Roth, who indicated in a newspaper interview that
current monetary policy settings would not be sufficient if the economy were to
accelerate further and noted that policy remains accommodative.”
My targets remain 1.5300 and 1.5250
Today’s Levels:
EUR/USD: 1.2216, 1.2140, 1.2180
EUR/CHF: 1.5322, 1.5300, 1.5365
GBP/USD: 1.7940, 1.7872
As always, feel free to send me your comments and questions.