Hi guys,

GBP/USD and GBP/JPY ara very close to their respective bullish trendlines, a bounce is expected but remember that the main bearish trends prevail. So if you want to take a counter trend scalp fair enough but if you want to ride the trend wait for the bounce to start shorting. Either way their good trading opportunities…

GBP/USD and GBP/JPY 4 hour charts:

César B.Leiceaga

http://blogs.fxstreet.com/techtrading/2010/03/17/usdchf-at-strong-support-level/

Hi guys,

I wanted to show you a perfect of example of market manipulation we’ve lived today in the swiss franc. In this case the usd/chf was pushed below trendline support and 61,8% Fibonnaci level. Eur/chf tested 1,4350 low and is close the reach historical lows at 1,4290.

When this kind of extreme moves are made, dont panic… count with the unexpected and tighten up your stops, if neccesary re-enter your postion and place a stop below the stop hunt low. I’m still getting used to these situations…dont worry about it and count with it, then you’ll be prepared…

USD/CHF hourly stop hunt:

César B.Leiceaga

Hello everyone,

I’d like to remind the strong support level we are in:

Daily 200MA + Fibonacci Cluster 38,2% & 50%  + Medium term bullish trendline.

A stop below 1,0480 should be enough…

Good luck to all and remember its only my view.

Daily USD/CHF:

César B.Leiceaga

Hi all,

The pair is standing in the 200MA on the 4 hour chart, I’m guessing that stops are right below it and with USD under pressure this morning we could see a sell-off to 1,0650 -1,0600 support zone.

Remember my perfect trade setup:

http://blogs.fxstreet.com/techtrading/2010/03/02/usdchf-trade-setup/

I’ll stick to it…

Good luck.

4hour USD/CHF:

César B.Leiceaga

Hi all!

Just wanted to point out the situation on cable, long term remains bearish but short term direction keeps holding the bullish bias. Today the pair dropped to test the 38,2 Fib support (from the leg 1,4780 to 1,5190) that overlaps with the recent bullish trendline.

For intraday trades I’m a buyer but placing stops below 1,5000 psychological level, if the pair slides below this support zone I’m reversing my longs to shorts within the blink of an eye.

Good luck to all,

1 hour GBP/USD:

César B.Leiceaga

1 hour GBP/USD chart:

Hi guys,

Cable is terribly weak no doubt about it and in my opinion any rallies should represent a good selling opportunity. Today the pair tapped 1,5140 resistance after the BOE interest rate decision and retraced nicely below the short term bullish trendline. A good sign of recovery would be holding above 61,8 and 38,2 fib supports. If not, I’m looking to short targeting this weeks lows.

César B.Leiceaga

(http://blogs.fxstreet.com/techtrading/2010/03/02/usdchf-outlook/)

Hi guys,

To clarify my previous post and my forecast on the pair, I’m short term bearish but long term bullish, therefore I’m expecting something like this:

Trade Plan:

If the pair retraces, I would look to long at 1,0600 - 1,0520 area that represents a strong double fib support plus bullish trendline. Stops below 1,0400 and targeting at least 1,0900 zone.

César B.Leiceaga

Daily Chart:

Respecting 1,0900 level is longer term resistance, a weekly close above would change bias. Same level in EUR/USD is 1,3430/50, at the moment perfectly working as support and resistance zones.

What to expect from here: In my opinion we could see the dollar retrace, USD index is fighting 0,8100 -0,8200 resistance but still in a healthy  medium term uptrend. I’m keeping my USD bullish bias unless there some signs of change in trend.

4 hour:

4 hour chart shows signs of top, divergent RSI and lower highs in price might signal a setback.

Only time will tell… I’ll keep you guys updated.

César B.Leiceaga

To be honest I didn’t expect a break below 1,0480 - 1,0500 support. Commodities are trading higher and this is helping the loonie move up against most currencies. Shifting to the 4 hour chart I’ve spotted a symmetrical triangle with a base at 1,0400 - 1,0420 that should hold to maintain my bullish bias.

Trade IDEA: Long at 1,0423, stop below 1,0370 and profit target at 1,0533.

USD/CAD in 4 hours:

César B.Leiceaga

Measuring Januarys highs to this months low, aussie found resistance at the 61,8% around 0,9050/70 area. Now quoting at intraday resistance 0,8920, this level needs to hold if the top is in place.

Resistance levels at 0,8950 and 0,9000

Support levels at 0,8860 and 0,8800

AUD/USD in 4 hours:

César B.Leiceaga