AUTOREFRESH 
Quiet start to Asian trading session
By Sean Lee || August 30, 2010 at 22:53 GMT
|| 24 comments || Add comment
84.50 has held again in USD/JPY but dealers tell me that there were no unusually large bids at the level.
USD/CHF is the other pair to watch today with increasingly pivotal support now at 1.0200/20. A clean break below there will likely increase bearish momentum yet again.
EUR, GBP and AUD have all traded in 10 pip ranges for the last 2 hours.
Hi sean,
Do you think long usd/jpy is a god idea at this levels for a 30-40 pips target.
I meant good sorry
Hey Sean, what’s your take on AUDUSD today?
Hi John. I’ve honestly got no idea whatsoever on the AUD. Short term charts suggest an 8860/9030 trading range so I guess I’d trade the edges of that with a mild bearish bias given the risk-off sentiment overnight
Hi Sean,
what is your idea on EURCHF?
The latter appear a bit overvalued, but objects in motion tends to stay in motion like Jamie likes to say….
Do you think that the support at 1.02 on USDCHF could be breached and attract more CHF short term buyers in the name of risk aversion?
I was reading that SNB was monitoring again but think they have been hurt enough to try to intervene in the market again.
I though wonder if after such a long uptrend the market could happen to be found itself too long on this currency
Hi Francesco. The word on the street is that if 102 breaks then a lot of option books are going to have to start selling and we could see a big move. Might be worth a sell-break strategy with a 60/70 pip trailing stop? EUR/CHF looks heavy still to me so I’m not quite sure it’s ripe for a “bottom pick”!!
look out for a short squeeze on audjpy
Good morning Sean,
I am long EURCHF from 1.3050 for a medium term target of 1.34-1.35.
The only thing I am not sure at this stage is where to keep my stop. going by 1:1 RRR, it would have to be around 1.26,1.27 but that’s an uncharted territory.
I am also long UJ and EURAUD. The later looking promising in this risk averse environment…
Thanks Sean, I’ll keep it in mind.
My feeling is that 1.02 will hold but if EUR is heavy then EURCHF will fall as well.
Puks watch out for sustained trade below 1.2970
Morning Puks. I’m also a bit unsure about EUR/CHF because we are in uncharted waters as you say. If we get a few session closes below 130 then I’d be tempted to get out and reassess.
Thanks Sean.
So you’re long EURCHF too…I’d probably wait till friday and if its looking heavy or below 1.29, I’ll get out.
@Francesco – Thanks mate. I’ll keep an eye on it. How’s your trading going mate? Hope you remember me!!!
Cheers
No Puks, I have no position in EUR/CHF what I meant was ‘in your shoes’ I’d consider getting out if it closes below 130
hey John not bad for a days work ehh! eur/jpy short. ME @ the 109.6. GEt ready to reverse. Good Job. Man this border check point from TJ is long lines!
Hi Puks,
sure I do remember you.
My trading is going fine, step by step.
As you know it requires patience as market is good at creating sentiments and act against them.
On the other way, is important to know when a loss need to be cut off.
Yes, I am also long EURCHF around 1.30.
This dip appears like a good buying chance but we have to watch out as we are trading below last low, and if we are still below 1.2970 after London session, then I’d start to worry a bit
i got hit on my short eur jpy 109.52 Just to clarify. the long candle on the 5 THAT DUMPED.
107 is good to try a long on EURJPY I think
jpy crosses likely to recover before the afternoon, then I do not know…
Thanks Sean. Good advise. I will keep it in mind.
@Francesco – Agree mate. Lets see what London brings tonight.
Cheers
I’m flat now. I do think eur/jpy has 1 more leg down to hit my usd/jpy long though. Oh well we can go instant order.
Hello Mr. ‘Hart. Nice call last night. I don’t quite see a reversal till a re-test of lows
especially with risk-off and possible strength in yen and current weak EUR.
All I see is warm shower Paul. And a hedge @ 105.85. Cheers!
on a buy order just below 106.3. To clarify.
Ya sean it’s not feeling right. I’ll stick with eur/jpy. If your referring to me Paul. It’s really simple. Don’t look gift horses in the mouth! I’m thankful for what I have got! Not what I might have, or could have gotten. Buy the way Sean gets credit for that quote.
Thanks Hart. I would tell you how large my position was but I don’t want to get in trouble for bragging about success on here….
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