It looked earlier as if FXL was divided into two camps. Camp Ryan and Camp Adam. Ryan’s lot thinks all this fuss about rate cuts and a lower euro is a bunch of bunk. Adam’s gang thinks June’s ECB meeting will indeed prove to be a weakening event for the ol’ teflon.
We’re at a great spot here. Camp Adam can short this monster with a pretty tight stop since we’re at solid resistance and top of the recent range/channel. Camp Ryan probably can wait a minute and get long at a better price.
We’re all winners here!
But what about the tortoise of currency pairs – EUR/CHF?
We are 200 pips above the SNB zone but that doesn’t mean their jawboning wouldn’t kick in closer to 1.2100.
