Key levels that is
USDJPY 101.25: and currently 101.59 having based at 101.33
USDCHF 0.8730: currently 0.8754 having posted 0.8745
GBPUSD 1.6700-10: with 1.6718 the low so far and now stuck around 1.6730
EURUSD 1.3910: with good two-way here at 1.3890 after 1.3905 highs
And so on, my point being that we’ve come to a bit of a halt having failed to penetrate some key levels today. Jury still out on whether we will continue recent trends or just correct and indeed whether we’ll see any of that before the week-end.
But you know my thoughts and mantras by now. We are simply range trading on forex and we shouldn’t get too excited about movements that only a short while ago were common place on a daily basis.
The market is contracting and unlikely to get any better as the forex market investigations limit appettite to throw it around with many interbank desks now actively limiting their forays. Some readers will want their super-sized pound of flesh from the investigations but, really, be careful what you wish for.
And on that cheery note I’m heading out of here for a weekend of football and sailing. Thanks as always for your great input and I hope we’ve helped a little along the way.
Enjoy
