Howdy Traders,

Looks like I was being a little too cheap with CHF/JPY at $81.70. Today the Franc rocketed 200+ pips off $81.86, and hasn’t looked back yet. My planned profit target was $83.70 but since the market has blown through that price level, there is nothing left to do here except move onto the next trade. Hopefully some of you caught the round number bounce around $81.90.

GBP/USD Testing $1.52

It’s decision time for GBP/USD as a triple top has formed along resistance at $1.52. The currency has failed to close above the $1.52 handle since the last bargain day setup on the 5th of July. The currency has formed a triple top formation along the minor daily chart trend line, and it’s do or die time in my opinion. Our HMA trend indicator is starting to rollover, and appears prepared to turn bearish if a significant break above $1.52 doesn’t materialize tomorrow. Here is today’s chart:

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.