Dave Floyd is a professional FX and stock trader based in Bend, OR and the
President of Aspen Trading Group. Dave's approach to FX combines technical
and fundamental analysis that results in trades that fall into the swing
trading time frame of several hours to several days. For a free trial to
Dave Floyd's Daily Forex Alerts
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EUR/USD - it appears a move above 1.2900 is nearing. We are
watching the 1.2855-75 area as a potential entry zone for longs as we expect
prices to pause/pull-back over the next few hours. Upside targets, as of now,
are seen at 1.2940 and 1.2970
USD/JPY - 114.00 looks like a possibility again. The
failure last night at the 115.75 level suggests that 114.75 will be broken, thus
exposing 114.00. Given the short-term oversold conditions, we are looking to
short into the 115.10-20 area
USD/CHF - notice anything about USD/CHF?
It is back below the 1.2260 level and this time we feel confident that a move
towards 1.2105 is in the cards. Like the pairs noted above however, we want to
let prices come to us before looking to get short. We see 1.2230-50 as the ideal
short entry zone.
Naturally, these views are dependent on the path of the Dollar
Index (DXC) – the chart below suggests that the key 84.40-45 level may be near
breaking down – hence, the scenarios outlined above will play out.
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As always,
feel free to send me your comments and questions.
Dave
Aspen Trading Group
http://www.aspentrading.com/
