It was so slow today you would think there was a Wednesday Fed meeting and a Friday employment report. I'm still short the EUR/CHF from 1.6210 going on my fourth day in this position. I'm beginning to feel more like an investor than a trader, but the pattern is still valid and I like EUR/CHF lower, so no reason to change it. In fact for tonight, I am eyeing a very simple uptrend support originating from 1.6010 on April 22 connected to 1.6135 low set on April 28. On the break of 1.6150, I will get short another piece to hold for an undetermined target with a stop of approximately 25 points.

Along with being short EUR/CHF, I would not mind being short EUR/USD between 1.5680 and 1.5705 for a possible wave 4 completion that sets up a sub-1.5500 wave 5. Stops will be above 1.5725 for me.



Todd Gordon is a Technical Currency Strategist and Fund Trader with GAIN Capital Group.

Disclaimer
The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.