Thursday, April 24, 2008

Price has not ventured too far away, except for maybe USDJPY that moved higher from 102.90 to 103.50. Let's take a look at EURCHF chart that I have been tracking for a while now.
I believe we have been working higher targeting 1.6230 resistance. The jury is still out if this move higher should be labeled with letters or numbers (correction or impulse), but in either wave count, the price structure points to significant resistance between 1.6210-1.6230 that should act as both a magnet and resistance for price. I have the corrective scenario labeled with black letters and the impulse wave count labeled in purple numbers just above. I am going to leave offers to get short EURCHF at 1.6205 and 1.6225 with stops around 1.6275. Targets remain open for now.

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