Peter Bain Forex Trading Commentary for Friday April 21, 2006
Forexmentor.com Forex Trading Price Action
As far as I am concerned, the trend on the Swissy (USD/CHF) is STILL DOWN, no matter how you slice and dice it. That's why the railway tracks just before the London open today were meaningful - at the end of a bit of a run up in price. Translation: watch out below! The ensuing short run down in price was worth a measly 20 pips, but well worth the taking, while this pair tries to make up its mind where to from here. Any guesses? I say bombs away! The bulls just don't have enough gas in their tanks. Too expensive, I guess. The pair has been climbing a wall of worry lately, and really bucking the commercial sentiment of being on the short side. Methinks it's not looking all that good for the U.S. dollar. Warren Buffett was right on when he went massively short the dollar in 2002, riding it down, all the while padding his bank account to the tune of 1.68 billion dollars - his first venture into currencies. Not bad Warren.
See today's chart at: http://www.forexmentor.com/campaign/apr2106.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
As far as I am concerned, the trend on the Swissy (USD/CHF) is STILL DOWN, no matter how you slice and dice it. That's why the railway tracks just before the London open today were meaningful - at the end of a bit of a run up in price. Translation: watch out below! The ensuing short run down in price was worth a measly 20 pips, but well worth the taking, while this pair tries to make up its mind where to from here. Any guesses? I say bombs away! The bulls just don't have enough gas in their tanks. Too expensive, I guess. The pair has been climbing a wall of worry lately, and really bucking the commercial sentiment of being on the short side. Methinks it's not looking all that good for the U.S. dollar. Warren Buffett was right on when he went massively short the dollar in 2002, riding it down, all the while padding his bank account to the tune of 1.68 billion dollars - his first venture into currencies. Not bad Warren.
See today's chart at: http://www.forexmentor.com/campaign/apr2106.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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