EURCHF--Wednesday, June 30, 2010
Is the short EURCHF trade too crowded?
A weekly chart shows that an impulsive downside target has been met this week. The low late yesterday around 1.3160 was the 2.618 extended Fibonacci target of a base formed in March. We have rallied over 100 pips since then. A retest of that level, if it manages to hold, might lead to some surprising upside action.