Howdy Folks,

I changed the blog layout again, I thought the old style was a little too busy. I think the new layout is a little cleaner, but I’m still not 100% happy with it. Let me know what you think, did you like the old blog better?

Swiss retail sales posted a 3.8% increase versus an expected 2.7% increase on Monday. The reaction in CHF/JPY was counter intuitive as CHF sold off Monday. This places CHF/JPY in what I refer to as bargain territory, and I’m looking for a buy. In today’s chart you can clearly see a rising trend line with Monday’s candle closing below a bullish HMA. I’m interested in $81.70 which is slightly below S1, and slightly above the trend line. Here is today’s chart:

GBP/USD Thoughts

I’ve posted my thoughts on GBP/USD over on FXStreet.com. If you are interested in reading that post, you can visit this link:

http://blogs.fxstreet.com/dayjobtrader/2010/07/06/gbpusd-in-bargain-territory-will-it-move-higher/

GBP/USD is in bargain territory, but I think the currency pair has some room to move lower. The major price level $1.50 is only a few hundred pips away, and I think this will be tested at some point this week.

Best of luck,
Ryan

IMPORTANT NOTICE: These comments are for information purposes only. My opinions or other information contained in this post do not constitute investment advice. It should not be understood as a direct recommendation to buy or sell any currency contract or other investment vehicle. Forex trading involves substantial risk of loss and is not suitable for all investors.