USDCHF 1-18-07

1-18-07

USDCHF

The breakout trade above 1.2486 in the USDCHF failed yesterday but no entry was taken since the 1.2550 area was not reached before the pullback. The USDCHF initially traded to a high of 1.2515, and then sold off to a low of 1.2433. I wanted to buy the pullback to 1.2486 if the USDCHF traded to a high of 1.2550 first. I did not want to trade the breakout. There is an area of demand at 1.2450 and an area of supply at 1.2467. Since the areas are that close. I will pass on trading the USDCHF until the range opens up.