Wednesday, May 19, 2010

5/19 Forex: EUR/CHF bull signal

The euro rose sharply against the Swiss franc (EUR/CHF), trading 1.2% above Tuesday's close. The move triggered a switch to bull phase on the Person's Proprietary Signal.

I'll use SF1.4140 as the bull-phase entry point, the price as of this writing.

The reversal came after the forex pair dropped to within less than a point of the lower Person's Pivot.

A nimble trader who had entered at the bear phase, on April 30 and SF1.4340, would have exited on May 6 as the price approached the pivot level, worst case at the close of SF1.4059. That's a 2% gain on the bear position.

The pivot mid-line is at SF1.4312 and the upper pivot is at SF1.4479. The currency pair has traded swideways for extended periods at around SF1.4360 and also SF1.4680.

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