Intraday Market Thoughts

Archived IMT (2010.11.24)

by Ashraf Laidi
Nov 24, 2010 19:30

NOW THAT EURCAD HOTCHART has hit the 400-pip target of 1.3570 is this the end of the road? DO WE GO for shorts in EURCHF, EURGBP, or expect further selling in EURCAD? There is NO QUESTION about EURGBP. The latest article continues to await 0.8320 in EURGBP. As for EURCAD, I am now calling for further declines towards prelim target of 1.3380, followed by 1.3260. EURCHF does look bearish, but since CADCHF has just broken out of the 0.98 resistance to fresh 2-month high, I prefer to use CADs relative strength via EUR shorts. I briefly mentioned NZDCAD yesterday, whose collapse has added to the break of the 0.7760 support (now at 0.7695). Daily NZDCAD may look oversold but WEEKLY suggests further downside towards 0.7570. And finally, I REMAIN BULLISH USDCHF (since Nov 2nd) awaiting 1.02 by mid January.


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