Usd/chf

[drukul]

USD/CHF

Current Rate: 1.0848

Prices falling in a potential channel (See attached Image). We hope to see some support at the channel line support coinciding with the 138.2% extension level (around 1.0808) of the first move down forming the range of the potential channel from the high on 2/14/08 to the low on 2/15/08. In the light of this short analysis, we would enter the following for Monday, February 24, 2008.

Long at 1.0810, stop at (1.0780), targeting 1.0950.

 

[aca_trader]

USD/CHF

Current Rate: 1.0848

Prices falling in a potential channel (See attached Image). We hope to see some support at the channel line support coinciding with the 138.2% extension level (around 1.0808) of the first move down forming the range of the potential channel from the high on 2/14/08 to the low on 2/15/08. In the light of this short analysis, we would enter the following for Monday, February 24, 2008.

Long at 1.0810, stop at (1.0780), targeting 1.0950.

A turn-around from here will give birth to Reverse H&S Pattern.

Regards,
--Ashish

 

[drukul]

Agreed. And I anticipate that would be the case. However, I think we'd only trade it after it confirms.

However, because prices did not hit the assessed level, I'd like to revise my entry point to 1.0783 (for February 27), with a hard stop at 1.0750. The first target remains the same.

 

[drukul]

Think it was a good call to wait for the 27th. The move has rendered the trade redundant.