EUR/USD ~ Update ~ 13 July 2011

The EUR/USD broke out of the triangle on Monday and then sold off down to almost 1.38. Since then, it has bounced back to 1.41ish which is now resistance:

I mentioned earlier that we could go as low as 1.34-35. Looking at the chart though there are some bullish signs as the uptrend line which held and the candle yesterday so I hope you took some profits if you were short. ; )

The important level now is 1.41ish. As long as we stay below it the bears are still in control and we could eventually see 1.34-35.

S&P 500 ~ Intraday Update 1 ~ 11 July 2011

The SPX rallied quite a lot during my vacation. In fact, I went on vacation at the low and returned at the high.. : )

The market has retraced about 38 % so we could see a bounce now. If the 1317-20 area doesn't hold though then we might see the 1296-1300 area again.

EUR/CHF ~ Update ~ 11 July 2011

The EUR/CHF broke the short-term downward channel late June and then rallied almost up to the medium-term resistance at 1.24. Since then it has sold-off again and hit a new low today at 1.1750.

There's actually no support below 1.18 since we're at all-time lows. The blue channel line may be some sort of suppport. As I've been saying for months now though I'd rather sell the rips than buy the dips.

Medium-term resistances are at 1.24ish and 1.27ish. As long as we stay below these levels the medium-term trend is down.

Short-term resistances are at 1.18 (if we don't rally back above it within the next few minutes) and at 1.20ish.

EUR/USD ~ Update ~ 8 July 2011

The EUR/USD is still in a triangle and as said earlier a break higher should lead to a rally to 1.50-51 and a break  lower to 1.34-35.

Let's see which way it breaks:

I'm back

I just arrived home.

It's midnight in Europe so I'll answer all emails and post and update tomorrow morning ; )