Short summary of current situation. In next day I will describe some trades in detail.
Few days ago I wrote on my twitter about usd/chf:
Maybe usdchf isn't on top, but on daily it broke out of cloud and there is potential for more. Now it is at 127% Fib. pic.twitter.com/vQUaD1AA8S
— simon s. (@marketsurvival) July 16, 2015
I opened a long position and it is going up nicely. Originally I aimed at Fibo extension, but this move looks like something bigger and I take pivot R lines as targets. My first target is around 0.9690, because in that area we have two important resistance lines:
monthly R2 at 0.9688
weekly R1 at 0.9697
Below 4-hour usd/chf with weekly pivot points:
Oil chart is bearish – news about more oil in the martket (from Iran) is not helping. Now price is trying to stay above 56.4 support. If it fail, then we may see move down to one of the support lines. 4-hour oil chart:
On eur/usd we saw some light correction, but overall picture is very bearish. Price is below monthly S1 line and I think that monthly S2 line at 1.06 is very possible target. Daily eur/usd with monthly pivots:
So yeah, I am short on euro, short on oil and long on dollar. We will see how this play out.