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Trade Desk Thoughts:
European Pair Review
Cable:
The 4-hour trend is neutral, as the pound is consolidating just below the 200-day moving average. The pair is in a downward channel started on Jan 19 10. This favors short GBP/USD positions in the near-term, with the fundamental calendar directing flow from Tuesday.
Euro:
The 4-hour trend is short, pointing to continued EUR/USD weakness. The euro gained a few pips in recent trade, but this uptrend still has to prove itself. A break above the 1.4250 area would favor long EUR/USD plays, but the road is lengthy until there. Until then, favor selling on attempts to push higher.
Swissy:
The 4 hour trend is long. USD/CHF is holding below the 1.0500 area, which is the highest level reached since September 09. The technical view is for the swissy to be able to push higher if a break of 1.0320 does not come soon. Favor long trades.
TheLFB Member Charts: 4 Hour USD/CHF
Overall View: Looking for an up-trend continuation
4 Hour Chart Flows: Long. Price Points: 1.0290. Looking for: A Long, wave i
Momentum: The pair's trend went Long on 3rd December, and is only just now starting to move towards a short trend from a recent neutral stance.
Elliott Wave: Swissy is very bullish, and showing an impulse structure, that is in process. The Long, blue wave i needs to be structured by five sub-waves. Recently a red wave iii) found a top around the 1.0500 region as expected, from where a Short, corrective wave iv) started to trading lower. Wave iv) has already hit the 38.2% Fibonacci retracement zone, which means that a long bounce is possible in the near-term, towards the 1.0550 region with a long red wave v) move.
A near-term bullish impulse structure remains valid so long as the pair trades above the 1.0290 wave i) area.
Overall swissy view is bullish on the long-term and we are looking for a large black wave C)/ III) leg, shown on our daily chart.just below the 200-day moving average. The pair is in a downward channel started on Jan 19 10. This favors short GBP/USD positions in the near-term, with the fundamental calendar directing flow from Tuesday.
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