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  • Opinions - Not Facts

    This blog consists of contributions from FXCM staff, executives and people that have a relationship with FXCM. In spirit of a blog, the posts are conversational and opinionated. However, they are not official FXCM policy and not double-checked for facts. The authors are providing information that they believe to be true or opinions they hold. To verify information or check official FXCM policy, please contact FXCM through the firm's official website, www.fxcm.com.

    • « Segregated Accounts | Home | Picking Tops & Bottoms »

    Double Top? Maybe Not.

    By Eliseo Agas | July 9, 2007

    Keep your eye on GBCHF. The general trend on the Daily chart is up and it is currently undergoing a healthy retracement.

    Though a double-top might be forming, for traders willing to take on the additional risk there could be a potential long play for a retest of the most recent highs at the 2.4740 area. Generally speaking, the markets usually want to retest extremes to see if they’ll hold or break.

    Since all out selling hasn’t been sustained or successful since a rebound on July 2nd there is potential for the buyers to be stepping back in, in an attempt to rally higher.

     gbpchf.gif


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    Topics: Better Use Charts - Use Charts Better |

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