The
only problem with having a set opinion on the market is that it clouds one’s
judgement from what the market is actually doing. A perfect example of this is that some people
think that since the GBPUSD was once trading at 2.07, it will once again return
to those levels. One’s excitement of the
potential profit closes one’s eyes to the reality of the situation. Another
example are those who predict that the reserve currency of the world, namely
the US dollar will one day fall apart. Whenever I hear statement such as that,
my only feeling is to expect a massive appreciation in the dollar’s value since
the purpose of the market is to prove the majority of people wrong. Remove your
personal bias in the markets and watch as your investment portfolio grows in
value.
There
are several speeches later today that could affect the market’s direction. One
is from Bank of Japan’s Governor Kurdoda and the other is from European Central
Bank President Mario Draghi. Both of these speakers have the ability to cause
major moves in the market. Those looking for additional assistance, CMTrading is
here to help those looking to profit in the financial markets.
EUR/USD
Not much has change for the
last week in the EURUSD. It’s currently trading at 1.3518 and it’s unclear if
the market is in a countertrend rally or if it’s shifting trends. Targets on
the upside are 1.3559 and 1.3585. On the downside targets are 1.3510 and 1.3485.
RESISTANCE
|
R1: 1.3550
|
R2: 1.3595
|
R3: 1.3640
|
SUPPORT
|
S1: 1.3510
|
S2: 1.3480
|
R3: 1.3460
|
USD/CHF
The currency has been
rangebound for the past month, trading between .9130 and .8967. It’s current
downside targets are .8258 and .8213. Its upside targets are .8293 and .8325.
RESISTANCE
|
R1: .8293
|
R2: .8325
|
R3: .8341
|
SUPPORT
|
S1: .8258
|
S2: 0.8213
|
R3: 0.8158
|
No comments:
Post a Comment