GBPCHF—also dropping

The UK pairs are weak in general as though the UK has any more to worry about than Eurozone. I shorted this pair earlier today at 1.6856. It's currently caught in a small down-trending channel with a tiny 55-pip range (1.6833 to 88). It's also at the top of a much broader channel. The lower boundary on this is 1.6548. I've moved my stop to breakeven so let's see if it can tumble.

Support:

1.6833
1.6793
1.6734/52
1.6700/08

Resistance:

1.6888
1.6952
1.6994/1.7000

Here's the three-hour chart.


© Dianne Fecteau, 2010. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of the author.

My purpose in writing this blog is to show you how one trader, me, makes trading decisions and survives while trading Forex. One of the biggest problems I had when I first started trading was trying to apply the “rules” to actual trades. Another was the psychology—limiting losses and letting profits run. If you study my blog, you’ll see how I deal with both those issues. So my writings are not trade recommendations but rather educational in purpose. You have to decide on your own approach to trading. Remember that trading is risky.