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Remain Short EURCHF (Stop at 1.30); Take Profits on USDJPY Short

Remain Short EURCHF (Stop at 1.30); Take Profits on USDJPY Short

2011-02-02 15:48:00
Michael Wright, Currency Analyst
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The EURCHF is relatively unchanged for a second consecutive day; however it is worth noting that price action remains capped by its descending trend line that has remained intact since November. Indeed, we are short from 1.295, with a stop at 1.30. During the overnight trade, Standard and Poor’s rating services slashed Ireland’s credit rating from A to A- and said that further cuts may be in the horizon. Traders will now shift their focus to the ECB rate decision. As the central bank is widely expected to keep their key overnight lending rate unchanged at 1.00 percent, comments trailing the decision will likely to dictate price action. Join me to cover the event live!

Meanwhile, I took profits on my USDJPY short position from 81.82 at 81.45 for a 34 pip gain. The decision comes on the back of the pair retesting its descending trend line, while the highly anticipated nonfarm payrolls report will cross the wires tomorrow at 13:30 GMT. As market participants will likely witness whipsaw price action in the currency markets I do not rule out a break above 81.60.

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