The currency markets (of the majors) are basically doing little or their trends are very slow (except Yen). I only put one chart up tonight and that is the Swiss Franc. As long as it can stay below 117, it looks like it has a new sell signal. There were no other signals given this week.A recap of the majors:
EURO (EUR/USD) - you still be short since the 1.38 level with a stop above 1.30. This is a never slow bleeder that could pop at anytime.
British Pound (GBP/USD) - This too is a slow bleeder but would have chopped you up badly unless you had very large stops. It looks lower and if it does break 1.40, I would not be surprised if it got to 1.33.
Aussie Dollar (AUD/USD) - Very similar to the EURO but your profits on the short would be a lot smaller with still a slight basis to the downside.
Canadian Dollar (USD/CAD) - It finally gave a chart buy signal at 1.27 a week ago, but is moving like the signal will fail. The stop I would guess on this is under 1.25. If we do not get above the high soon, I will lose hope quickly.
Japanese Yen (USD/JPY) - This has been a good trade being long since the 90 level. I would have the stop somewhere above 95 to lock in profits. The Yen is having some problems gaining as the 100 level is proving hard.
Swiss Franc (USD/CHF) - The Franc as I stated on the chart above like look it finally wants to generate a sell signal. It needs to close down today to do that. I would only go with the signal on a small position.
New Zealand Dollar (NZD/USD) - This too has been a good trade being short from about 57.00. The downward pressure is slowing and I think it will follow the EURO. It is hard to place a stop but I would put it above 55.00 for now.
The Denarii Trader
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