Comment: Like many other Yen crosses, Swiss-Yen peaked at 91.50 just above the Fibonacci 50% retracement at 90.00. Price action since early May can be seen as a very irregular head-and-shoulders top. Trend line support held on Wednesday and price action since then is a continuation triangle. Moving averages and Ichimoku clouds indicate we are in bear mode and it is just a matter of time before we break pivotal support at 83.00 which happens to be the mid-point of the very large trading band of the last eight months.
Strategy: Attempt small shorts at 85.00 but be prepared to add to 88.00; stop on a weekly close above 90.00. Add to shorts on a weekly close below 84.00 and again on a sustained break below 82.50 for a minimum short term target at 81.25, probably 79.00 further out.
