The EUR/CHF is trading at 1.2840 just above it’s overnight low of 1.2827; the previous low was 1.2769 on 6th September
While it looks as though the CHF strength could continue and a weekly close below the latter could easily see a much stronger impetus down, there is of course the possibility of a double bottom…for fans of double bottoms
Blackday I hope you took the short the other day at 1.3070-90 ?
Any reversal in this would have to be EURO driven and should there be any positive vibe from the EU summit later this week then you may see some Euro strength helping lift the cross.
Anyone looking at this scenario at least knows where the stoploss needs to be !
Thanks to Annie for this article http://blogs.wsj.com/source/2010/12/14/premier-cru-swiss-style/