+166 pips : Eur makes a comeback after holiday...

I skipped updating the blog for Friday because there were nothing new and special to mention. All was the boring range trading. Today's market has been bullish for Euro starting from the Asian Session where a retracement in the dollar bear has caused USD/CHF to dropped 80 pips. I then decided to take profit and it was the right thing to do. With these profits taken, I've managed to cover some of my losses created by my gold trade previously. Seems that the market has turned Euro bull for the week with plenty more of euro data to come. The drop today was started with that the rising inflation in the US will cause slower economic growth if the Fed decides to increase the interest rates for the consecutively 16th times to 5.25% in June 29. Then, it was continued by the news of Don Evans to replace John Snow as the new Treasurer Secretary which favors weak USD to support more exports of the US industry. However, this piece of news was later called a 'bluff' when Bush nominated Paulson as the new secretary on NY session. Another piece of news that was supportive to the dollar bear was the US Consumer Confidence which dropped from the almost 4-year high of 109.8 in April to 103.2 this month. This has brought the EUR/USD back to 1.29 range, which now it aims to the 1.2971, the high of May 15th and eventually to 1.3000. I will most likely not make any more trades on USD/CHF on this circumstances, but at least for this well expected Euro bull week.

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Close Completed Trades
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Long USD/CHF @ 1.2085, Closed @ 1.2175 ( +90 pips )

Long USD/CHF @ 1.2100, Closed @ 1.2176 ( +76 pips )

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Existing Trades
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Long EUR/USD @ 1.2860

Long EUR/USD @ 1.2910

Long EUR/USD @ 1.2960

Long USD/CHF @ 1.2240

Long USD/CHF @ 1.2280

Long USD/CHF @ 1.2380

Short USD/ZAR @ 6.05

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Trades I'm waiting for
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Long EUR/USD @ 1.2700

Long EUR/USD @ 1.2780

I will see Euro coming back for a retracement fulfilling the 5-wave theory from Elliots wave but maybe not the the extend of 1.2700. I am hoping that with all those data from the Eurozone this week. It could bring back the current market sentiment to Euro bull.