Market News
Filled on Last Third Of USD/CHF into Daily Resistance
By Todd Gordon
Jan 13, 2007, 12:00

We used a strong December Retail Sales number, and a revised November number, to fade US dollar strength to get filled on the last piece of our USD/CHF short. Your average price should be around 1.2502 as the market trades 1.2475. I am frequently asked the question if we trade news. And as you can see, the answer is “yes”, but only in situations like this. If we love a technical level, and we can use an over reaction to economic data to get that price for us, than so be it. If the level is good, the market should be able to hold, even in the face of 0.9% Retail Sales growth with 0.7% expectations. Look to book profits on a half position at channel, Fib support level of 1.2450 and bring your stops down to cost. Though I didn't make the official trade call, I was long some USD/JPY into the 120.70 level I mentioned last night, which would up being pretty much the top of USD/JPY. Have a great weekend. Back Sunday night.

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

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