AUTOREFRESH 
ForexLive Asian market open: CHF, JPY up; GBP down
EUR/CHF will begin the new month at fresh record lows and this may encourage some of the bigger macro funds to join in the rout, those that aren’t already involved that is. I think it was Paul Tudor-Jones who said that his best trades often came when he realised he was wrong and then doubled up in the other direction. Well I’ve been very wrong on EUR/CHF for the last 10 big figures but I certainly don’t have the stomach to reverse strategy and double-up.
Regarding USD/JPY, if the BoJ don’t turn up to defend recent lows at 83.50 then I think we can ignore their blusterings (in fact most of the market seems to be already doing so). As Jamie mentions below, if corporate Japan are still on the offer then this pair is probably set for lower levels.
GBP seems to be losing a bit of its recent glitter whilst the EUR and AUD are jogging on the spot.
Good luck today.
Mornin Sean. Your good @ this. Do you still think 105.45 e/j area still matches up reasonably well with 83.5 u/j? Thanks.
Sean,
If you look at the weekly EUR CHF chart, you can see an ABCD pattern developing from the most recent highs and lows.
1.4587 on May 16th 2010
1.3072 on June 27th 2010
A 1515 pip fall
1.3923 on August 8th 2010
1.2871 on August 31st 2010
1052 pip fall
if we project this fall to 100% we arrive at 1.2408
Is this not the next inevitable price for this pair ?
Cheers,
Malcolm.
Yes Hart that wud certainly make sense. Either both hold or both break more or less together i’d say