Last trades, EUR/USD from 1.1309, dead stopped 1.1337, before failure point 1.1351. + whatever 28, USD/JPY Dead stopped at 120.90 Point, trade was as written, + 25 in again dead markets. Reversal points also achieved targets for + whatever more added to + 53 totals.
Swiss SNB stated CHF significantly overvalued, we knew that 1 week ago in the EUR/CHF post. But we knew specifically, it was USD/CHF significantly overvalued. Nothing new except I’m again and as usual far ahead of the curve and so are readers in actionable information and trades. Nearly 300 trades on site, time and dated for inspection.
Why Fed Decision at 1:00. No mystery. Its the Prime Time for currency manipulation. Central love to collude at this time so we want to be careful. I can’t get a post out fast enough by 1 so I will report far extensions so all are prepared.
To of the channel is 1.1512 and seriously overbought by light years. Extensions from 1.1386 target, 1.1405, 1.1424, 1.1449, 1.1480, 1.1512. Expect this afternoon to be another Non farm Payroll type of trading day. View USD/JPY post how markets price in Interest rate rises and falls. Read how volatility is stolen by Fed Signals and market pricing forward rises and falls in interest rates. Strategy is sell the tops above 1.1386 target this afternoon. Also watch very closely range break points as I will add further points than normal days.
Daily range total 60 pips, anything above 60 is range break. Top 34 pips, Bottom,25.
EUR/USD. Bottom. 1.1255. Range break above 1.1350, 1.1391, Below 1.1272, 1.1232, 1.1198. Overbought sell point 1.1386, failure point 1.1354. Strategy, Long above 1.1311, target 1.1386. Then reverse short to target 1.1348 and 1.1332. Points on the way up, 1.1322, 1.1330, 1.1338, 1.1346, 1.1354, 1.1362, 1.1370, 1.1386.
Shorts below 1.1311, target 1.1283. Watch for reversal here to 1.1311 and higher. Points on the way down,1.1308, 1.1304, 1.1300, 1.1296, 1.1292, 1.1288, 1.1271, 1.1255 Bottom. Point 1.1283 must cross to go higher. If 1.1255 Bottom breaks then next 1.1232, 1.1198. If 1.1198 breaks hello 1.1025 in days ahead.
Brian Twomey, Inside the Currency Market, btwomey.com