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Watching GBPUSD to regain bearish momentumWe will be watching to see if GBPUSD can regain its bearish momentum before the Fed announces interest rates on Wed. Although the street does not anticipate any move by the Fed, they may give a hawkish tone and if so that should add fuel to the short side. With that said we will be looking for a close below the short-term trendline on the hourly chart along with confluence from our price prediction algorithm. If we can get that setup prior to the Feds announcement we will be taking GBPUSD short while correlating it with GBPCHF to give us protection.
Short
by unique4x
EURJPY Could Breakdown TonightEURJPY could breakdown tonight with a close below our short-term uptrend line. If we get that close in conjunction with our proprietary price forecasting algorithm we will be taking EURJPY short along with a Long position in CHFJPY which will provide a correlation opportunity. By correlating EURJPY with CHFJPY we will be greatly reducing our directional risk while providing us an opportunity to profit in many different ways, even if our EURJPY call is incorrect. More information at www.unique4xpro.com
Short
by unique4x
EURCHF At Key Technical Level Prior to ECB MeetingThe Swiss franc has seen some action as traders move in and out of safe-haven assets, no matter what the Swiss National Bank implements (franc futures has a .82 correlation with gold). With the ECB hinting that more quantitative easing is possible ahead of the rate decision March 10, the SNB may feel obliged to intervene to stop any significant appreciation in the franc. Thomas Jordan, Governor of the SNB, has said that negative interest rates have their limit; so, probable line if action would be a direct FX intervention. Traders are not pricing in any significant change in monetary policy from the ECB, so that may cause the EURCHF to rebound from its oversold, intraday position. Price action is stagnating within a demand zone, and minor upside potential to 1.0935 and 1.0960 is seen leading into March. However, I don't foresee the SNB doing anything drastic (which may be highly dependent on the lengths the ECB is willing to go). I expect future near-term CHF strength, causing price action to test the bottom of the demand zone. If this breaks, expect the pair to trade lower to 1.0860. If the risk environment worsens, gold could trigger more safe-haven demand pushing EURCHF to 1.0830. Please feel free to comment and share charts! And follow me @Lemieux_26 Check my posts out at: bullion.directory www.investing.com www.teachingcurrencytrading.com oilpro.com Update status
by CommoditiesTrader
Look For Opportunity To Short GBPCHFWe will be looking for an opportunity to Short GBPCHF on a bounce. The trend has been to the downside since mid-November 2015. If the recent low set on 02/11/2016 holds and a bounce drives price up to the 38.2% Fibonacci retracement level in conjunction with the 25% or 50% Fibonacci time zone we could see a solid short setup. We will link research of a recent GBPCHF move which presented a solid short off the 38.2% Fibonacci price level and 25% Fibonacci time zone shortly. This recent move was timed perfectly, we may see another in the near future, some time around the first week of March. Time is just as important as price action! Again the low set on 02/11/2016 must hold in-order for this forecast to remain valid.
Short
by unique4x
EURCHF Forming A Solid ABCD PatternThis pair is forming a very solid ABCD pattern as point C was put in place very decisively. The chart is showing the ABCD pattern overlaid with a Fibonacci Extension. Our projection is for this pair to make a run towards the 61.8% to 76.4% Fib extensions but we wouldn't be surprised if it made a run to the 100% level as the pullback was shallow. Pullbacks that do not retrace the entire 61.8% show that buyers are eager to resume the uptrend. As you can see the C retracement was only 56.9%. As long as the bulls stay in the Euro camp our projection could be met but as we all know the Euro has been in a long-term bear trend. Set your stops just below point A, we will be willing to risk down to the 1.06900 level as our algorithm is calculating 90% odds of a run higher on the daily chart. www.unique4xpro.com
Long
by unique4x