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| CHFJPY CROSS as of Mch 02, 2012 |
After booking the EURJPY, the CHFJPY cross rate, is now in focus since the price behavior for the USDx have finally touched its objective of 78.09 price gap low registered on the opening trading of the US session. And have moved higher prompting the USDCHF to recover from its low of 0.8929. In our market view and analysis on the CHFJPY cross dated the 1.26; this position is in line alongside with the weekly EURJPY cross & the CHFJPY weekly charts as shown encircled the three bar Trend Reversal / Inverted Hammer candle bars that signified the reversal pattern are identical. However, the 89.52 corrective move as of this writing is likewise still within the higher trend as a price reversal but not necessarily a trend reversal. A trailing order to protect the floating gains accumulated and may consider a cross trade to be able to maximize and take a correlated advantage of its correction with the USDCHF currency pair vs. the cross rate since the BOJ policy is still maintained at the same time the USD is gradually gaining as of this Friday's movement. The closing prices for the currency pairs and the cross rate is what needs to be carefully watched moving forward the next trading weeks ahead. Pls. refer to the supporting video for the EURJPY Cross " The Process of Booking a Forex Trade-LIVE" for a comparative analysis & a better understanding of the similarities of the trade positions.
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