Saturday, November 22, 2008

How did they do?

We didn't have much riding on last week's moves as the candles only made one call: bearish on cable (gbp/usd).
That one turned out none too well but it could've been worse. Sterling pushed hard against our resistance at 1.50 and got as far as 1.5250 on Wednesday. However, risk aversion came to our aid and cable closed the week below 1.50 at 1.4866. Therefore price moved 213 pips against us which gives us a forecast rating of -1.43%. The running total is now +9.55%

Quick round up on the rest:

eur/usd: Support held at 1.25 for the fifth week running with little price change over the week.
usd/jpy: very similar picture with the yen with support being tested and holding at 94.
usd/chf The Swiss National bank caught us on the hop with their shock rate cut pumping the swissie through 1.22 and a tasty 243-pip continuation of the current up trend.

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