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LONG EUR/CHF FROM 1.4275

LONG EUR/CHF FROM 1.4275

2010-03-29 10:35:00
Joel Kruger, Technical Strategist
Share:
Last week we established a long position on the cross which managed to break to fresh all-time lows below 1.4300, before finally stalling out in the lower 1.4200's. The oversold hourly, daily, weekly, and monthly studies all offered a compelling reason to look to establish the buy in anticipation of a much needed corrective bounce, while a daily RSI below 10 added to the case for a compelling long position. The market has since broken back above 1.4300 and our trade is now in the money. We are fully aware that we are fighting a very strong trend here and as such have opted to protect ourselves from any downside risk and have trailed our stop to break-even at 1.4275. POSITION: LONG @1.4275 FOR AN OPEN OBJECTIVE; REVISED STOP 1.4275.

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