AUTOREFRESH 
Positive signs for sterling on the daily charts
By Adam Button || December 20, 2011 at 22:25 GMT
|| 10 comments || Add comment
We closed out the day with NZD and AUD as the best performers and USD lagging. To me, sterling stands out on the daily charts.
On the cable chart, the rebound invalidates the breakdown toward 1.54 and points to a retest of the recent highs and the 50 dma.
The EUR/GBP chart is just as convincing. We broke out of a minor triangle and below the Feb lows and are heading toward 0.8284 in a move that looks almost inevitable.
Hi Adam,
Do you have a view on euraud? It seems to be close to a 5 year low of 2960 and has been bouncing up from these levels..
I said last week that I think the low for Dec will be 1.2960 and I’m sticking to that. I have been waiting for 1.3140 and we got there today. I think we could probably see some more upside, or at least a retest of 1.3140.
Hey Adam. what you think about eur/chf? You think its been enough on low side? I remember you were long at 1.20. Still holding that or closed?
I’m still long and waiting for some stability to add.
What would be a better level to enter another eur/chf long ?
Load up at 1.2150 if you can get it.
EUR/CHF I am long again covering short from 12400. @leopardtrader is long on twitter. They have traded that pair correctly for 2 months now. They advise to short 12450 and buy 12130 areas..for sometime to come. They think it the pair will still be in this range for a while until European issue is sorted
Not actually getting there, 1.2162 was lowest. Also, Gerry mentioned earlier that 1.2125/30 is major SNB support, so will wait for it. Thanks you sir
Another question Adam. You see any prospects of eur/chf floor raised by SNB in near future?
I think the peg has proved to be extremely popular in Switzerland, for that reason, and because deflation appears to be making a comeback — I say yes. In the case that Europe starts to make some real progress, it’s a definite yes. Unfortunately, I’m not sure it happens in the near future. My guess is at the start of Q2 once Italy squares away some borrowing requirements.