I am looking for a continuation of the uptrend on the USDCHF. At the moment 1.0390 to 1.0400 seems to be providing some resistance. (...)
Commodities continue to consolidate as we have mentioned in recent issues. We are now seeing even the leader, crude oil, back off from its highs. While we do not in anyway think the overall bull is dead we do suspect he is tired and looking for a mid summer nap. Freddie and Fannie seem to have weathered the storm that we saw last week and confidence in the overall markets seems to be coming back. Overall we are looking for more firming in the Dollar with continued consolidation across commodities as a whole. Crude Oil: Oil did have the “break” we warned about. It does look like it was enough to “shake out” the weak hands. We are now buyers of dips again and are looking for a retest of the old highs and the probability of pushing through 150 remains higher than the probability of pushing back below 100. Between tensions in the Middle East and Africa, and continued increases in overall demand, there are more underlying reasons for the price to rise than fall. (...)
Trend analysis is an indispensable function of the successful Forex trader. (...)
A trader with a mediocre system and great money management skills will fare better than a trader who has a great system but no handle on his money.
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