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The Swiss Franc Changes Sides

Site Administrator | October 4, 2011

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Earlier this year the Swiss franc was the darling of the investment world.  As fear continued to build in the US and Europe, traders and investors flocked to the Swiss currency as a safe haven.  After an unprecedented rise, the Swiss National Bank made an announcement that they would peg the Swiss to the Euro to stem it's rapid appreciation.  This resulted in a large drop that is still continuing to this day.  We also take a look at a few key numbers in the ES.  Some numbers to keep an eye on will be 1095, 1087-1090, 1084-85 (Globex Open), 1077, 1072, 1069 and then 1062 and 1056.  The only real support we saw in the market last night was the 3:15 close that finally stopped the selling.

For those looking for buying opportunities, note how we have failed to take out the previous day's high over the past several trading days.  A good rule of thumb in looking for reversals is to at least wait for a bit of strength before jumping into the market.

 

Be sure to join us for our free educational event on Thursday night by REGISTERING HERE 

Cheers,

The TradingPub

“Trade, Talk, Learn – Cheers to Success”

Follow us on Twitter

Earlier this year the Swiss franc was the darling of the investment world.  As fear continued to build in the US and Europe, traders and investors flocked to the Swiss currency as a safe haven.  After an unprecedented rise, the Swiss National Bank made an announcement that they would peg the Swiss to the Euro to stem it's rapid appreciation.  This resulted in a large drop that is still continuing to this day.  We also take a look at a few key numbers in the ES.  Some numbers to keep an eye on will be 1095, 1087-1090, 1084-85 (Globex Open), 1077, 1072, 1069 and then 1062 and 1056.  The only real support we saw in the market last night was the 3:15 close that finally stopped the selling.

For those looking for buying opportunities, note how we have failed to take out the previous day's high over the past several trading days.  A good rule of thumb in looking for reversals is to at least wait for a bit of strength before jumping into the market.

 

Be sure to join us for our free educational event on Thursday night by REGISTERING HERE 

Cheers,

The TradingPub

“Trade, Talk, Learn – Cheers to Success”

Follow us on Twitter