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The Trader Advantage: Japanese Yen Buckles As Swiss franc Holds
Excerpts taken from The Trader Advantage Program
Swissy:
The swissy and the euro move with inverse patterns that may hold at least until the Thursday SNB rate decision. Right now, any Eur/Usd analysis will work in inverse fashion for Usd/Chf. The pair’s momentum is currently neutral, while the daily trend is holding long.
Usd/Chf neutral price action at 1.0750
Yen:
The 20, 50 and the 100- day moving averages meet in a strip about 50-pips wide. This is creating a very important swing point for the yen, which will required strong momentum to push higher from, but in Wednesday trade the breal above 90.50 happened. If this move holds to the upside, a next possible target might be the 200-day moving average, in the 92.00 area.
Usd/Jpy neutral price action at 90.00
Small trading ranges and declining ATRs usually appear around indecision points, where the market tests the strength of the current trend. More often than not, the market forms near-term swing points in these areas, something that might happen over the upcoming period. The dollar index looks slightly overbought, while the major currencies are unable to push any lower, despite the renewed pressure.
This could led to volatile movement that expends intra-day energy without actually getting anywhere in the short term, with the cad and the aussie most exposed to Usd strength is the S/P fails to break and hold 1145 and crude oil cannot get through $82.50.
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