FOREX TRADE ALERT CURRENCY PAIR CHF/JPY SELL

Forex Trade Alert for – Symbol CHF/JPY.

Forex Trade Alert for Thursday Jun 19, 2008.

Considering the past week’s CHF strength, a long entry on this pair would obviously be folly at the moment. In fact, a break to the downside of the dayly channel upper TL would make a strong case for a short entry.

In this particular case if the price rises above 104.50 then that would show momentum against 4xgenie‘s short position and that would be a break out to the upside.

The CCI is above 100. This Pair GBP/JPY is overbought at this time.

SELL CHF/JPY at 102.96.

STOP CHF/JPY at 104.50.

1/3 LIMIT CHF/JPY at 102.01.

CHF/JPY TARGET at 100.59.

Price is moving nicely within channel.

It is also interesting to note that, by observing CHF/JPY’s price action within the channel it becomes evident that its upward momentum has hardly been affected by the past few months.The swings within this channel are not much more drastic now than in 2003/04/05.

Monthly Pivots Points.

The [R3] or the most extreme high trading range is 105.35.

The [R2] or the extreme high trading range is 103.35.

The [R1] or the high trading range is 102.28.

The [P] or pivot point is 100.29.

The [S1] or the low trading range is 99.21.

The [S2] or the extreme low trading range is 97.21.

The [S3] or the most extreme low trading range is 96.14.

Current Day Trading Session:

No signs of downward momentum at this time.

Next Day Trading Session:

If the next day’s currency pair chf/jpy close is below 102.96 then that could be a sign that new downward momentum is beginning.

FOREX GENIE

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