Saturday, November 10, 2012

Swiss Franc (Update)

I was out of town last week so sorry for the late update.  I got stopped out of my long position on November 2nd.  The 7 point upward sloping trendline was broken firmly and the market is now below all 4 moving averages.  It looks like the double top formation I mentioned earlier as a possible concern was triggered the other day.  The target is around 1.0367, which is a possible area for a bounce.  We will revisit this market as this pattern plays out.

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