USDCHF 4-29-07

4-29-07

USDCHF

There was a long trade entered in the USDCHF at 1.2050 that was stopped out with a 10 pip loss. The USDCHF spiked down to the 1.2011 area and then reversed to the 1.2108 area which was the range I was looking to trade from Thursday. The 240 chart looks like there is a possibility of the USDCHF basing between 1.2056 and 1.2085 on Sunday for a breakout move higher. I will go long if the USDCHF pulls back to 1.2042. If the USDCHF does rally past 1.2085, and the 240 candle closes above 1.2085, I will take a partial profit at 1.2124 and move the stop loss to 1.2054.