June 17, 2009 1:35 pm (Manila)
Unfortunately, trade got stopped out at -68 pips/lot for a total of -272 pips.
Sometime noon yesterday, news came out about Russian President Mevedev's comments about the need for more reserve currencies outside the USD. This brought volatility into the market and made investors dump dollars as this is perceived as a threat to the greenback's uncontested reserve currency status.
As the BRIC (Brazil, Russia, India and China) nations hold their summit, currency traders will hold their breath and opt to steer clear of anything that has USD sign in it and make it weaker against the major currencies.
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June 16,2009 7:00am (Manila)
BUY USD/CHF @ 1.0928
STOP - 1.0860
Limit 1 - 1.0958
Limit 2 - 1.1046
At 3:15 pm today (Manila), Swiss Industrial Production data comes out which is expected to be significantly down from previous quarter. This should be bearish for the Franc.
Proud and Hoping
15 years ago
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