Tuesday, August 4, 2009

EUR/USD and USD/CHF watch list, charts

A couple of different options on the EUR/USD right now. Either we see the retrace now and play the subsequent bounce or we move higher, looking to short at previous daily/weekly/monthly S&R at 1.4575.

Below is my first bounce area in case we see a retrace from current levels. Would look to long around 1.43. Some fib confluence just below.

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Below is the alternative, a short around 1.4575. A close up follows the bigger view...

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Close up below...

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And of course I'm also watching the linked USD/CHF, which can sometimes provide a cleaner level. We have a picture perfect short level around 1.0730...but we have to get there first Chart below...

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EUR/USD, watching for shorts at 1.4575

monthly level.

Otherwise, waiting for the retrace to get on some 50 and 61% S&R levels.