Where Do Our Signals Stand?
Skerdian Meta • 2 min read
At the moment, we have two live short term forex signals – a buy EUR/CHF signal and another buy signal in NZD/USD.
We opened the NZD/USD signal a few days ago assuming that the strong USD downtrend (which started over the weekend with the gap) would continue for a few more trading sessions. But, the downtrend stalled and we have only seen range trading on this forex pair since. At least it hasn´t lost hundreds of pips like EUR/USD or GBP/USD, but it´s still behind its commodity relatives, particularly the Canadian Dollar.
Right now, this forex pair seems to be headed down on the H4 chart, but the 100 SMA (green) is still holding up well, so that´s our guardian angel for the NZD/USD signal.
The green MA is our friend, the red MA is our foe
We just opened a buy EUR/CHF signal. The area around 1.07 has been like the Holy Grail for us. We´ve been buying at this level for months and it has never let us down (apart from the one time this pair dived to 1.0630).
So, we bought as the price dipped from 1.0725-30 this morning. The SNB (Swiss National Bank) guys were on the wires a while ago talking about what a good job they have done with the negative rates and if it wasn´t for them the Swissy would be soaring somewhere close to the moon now.
They´ve got a point though – the EUR/CHF would definitely be below parity if it wasn´t for them, so let´s give them the credit for that.
The declines in this forex pair take place at the blink of an eye, while the climbs are painful and take ages. It´s going to take some time until this signal bears fruit (if we don´t see 1.0630 again), but it will come at some point.