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Jamie's Pick: 10/16/12

Jamie's Pick: 10/16/12

Jamie Saettele, CMT, Sr. Technical Strategist

The EURUSD has returned to the near term high risk area for bulls. The level is defined by the 10/5 high and 61.8% retracement of the decline from the high. While pattern and momentum are broadly bullish, there remain plenty of short term possibilities (triangle for example). For this reason, my stop on the long has been moved to 13014.

The AUDCHF is testing the much discussed 9510 level – this is support. If a larger rebound is in the works then we should know in the next few days.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.