FOMC
Well the Fed is likely to raise interest rates I believe but the surprise would be "what if they don't". Everyone and his dog is expecting it right. I think to save face they have to raise them a bit. However this is NOT one of those guaranteed long continuation moves ok. I wouldn't go swinging for the fences here as I think you will be sorely tested. It will be a very choppy move and is more likely to reverse at certain points than continue. Given the state of Europe at the moment do you think that the ECB cares if the currency is a little higher or lower? Not really as it is a political currency and not an economic one. However that won't stop traders from shorting. Look for the EURO to end up back where it started today before it is all over and then likely move higher.
I will be looking to short the USD/CHF at higher levels if I get the chance. You can see my posts on it from earlier this week. It has been good for 200 pips so far. However I think I will get better selling price action after this stupid news. Stocks will ramp higher no doubt. They always do but keep in mind the DOW is the one index where there is extremes with the Commercial boys. So perhaps not today but I would look for a massive sell off in the near future. I would not chase price action today if I were you. I think you will be trapped if you do. Sit on your hands if you are smart and simply watch price action. The Fed knows the Dollar is getting too high too so trade at your own risk. As for me I know what I am doing which is flattening my USD/CHF position but that is only to get a better selling opportunity. I will leave a very small portion of it on.
I will be looking to short the USD/CHF at higher levels if I get the chance. You can see my posts on it from earlier this week. It has been good for 200 pips so far. However I think I will get better selling price action after this stupid news. Stocks will ramp higher no doubt. They always do but keep in mind the DOW is the one index where there is extremes with the Commercial boys. So perhaps not today but I would look for a massive sell off in the near future. I would not chase price action today if I were you. I think you will be trapped if you do. Sit on your hands if you are smart and simply watch price action. The Fed knows the Dollar is getting too high too so trade at your own risk. As for me I know what I am doing which is flattening my USD/CHF position but that is only to get a better selling opportunity. I will leave a very small portion of it on.
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