Wednesday, July 30, 2008

Update: EUR/CHF

Below is a chart of the same currency pair (EUR/CHF) that I've been waiting on. I posted about this in early July (previous post) and the time to short looks to be getting closer. Also, you'll notice that I added in a horizontal resistance line at 1.6340.

When looking at this chart and looking at an hourly chart; I'm expecting this currency pair to drop. The hourly chart is showing some divergence on the MACD (graph not shown) as it approaches the resistance...I shorted 1 mini contract here (cost basis: 1.6329) and will short another if it breaks in my direction.

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