[B]My picks:[/B] Playing the EURCHF Range, Selling EURJPY Rallies
[B]Expertise:[/B] Fundamentals Combined With Technicals
[B]Average Time Frame of Trades:[/B] 1 Day - 1 Week
[B]EURCHF [/B]remains range bound, as price continues to trade within a falling channel formation with support at 1.5145/50 and resistance at 1.5230. I bought the pair yesterday at 1.5157 and I’m looking to play the range as long as it holds.
Meanwhile, risk aversion remains a lingering theme in the markets, and as a result I think it’s worthwhile to sell JPY cross rallies. My order to sell [B]EURJPY [/B]at 133.80 (38.2% fib of 136.90-131.74 and the July 2 lows) was triggered this morning, and I’m taking a bit of a wait-and-see approach as 131.75 has offered solid support since late May, but the 100 SMA also looms below at 130.82.
Finally, as I mentioned yesterday and on Friday, I think it’s worth selling the [B]GBPCHF [/B]break below a rising trendline that has held throughout May and June at 1.7650. I sold the pair at 1.7641 yesterday, and I’m looking toward the 200 SMA at 1.7334 as an initial target and 1.7000 as a secondary target (psychological support, the 100 SMA, and fibonacci support).