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The Buck is no Star for Starbucks
Wed, Jul 2 2008, 09:53 GMT
by Anthony Samaha
ForexSurvivor
Always in the market signalling 40 different currencies with spread less than 35pips, 10 Equities, Crude Oil, & Gold.A. (02 July US) The Buck is no Star for Starbucks
Starbucks news to close 600 stores in the next months is dreadful news that tells nothing about good-will US economy. Not surprising that Starbucks decision to close so many outlets as its buck is no Star after the credit crunch symptoms & the buck-weakness has generated effortlessly tsunami renewable consumer confidence.
Today the market will range about with hectic efforts to keep a short term trend working properly as many are looking to book profits ahead of ECB increasing interest rate, NFP release and the long weekend a cause de 4th July independence day.
As stated on Monday, 30 Jun:
1. Focus shifts now towards the correction move of Yen crosses as top was halted abruptly without total completion.
2. Dollar base should be temporary held for more than few sessions albeit allowing a light descent before bulls enter a corrective channel that may last till ECB releases its said increasing interest rate.
And one can conclude that dollar triggered a light new low since Monday before recovering and yen crosses are back towards the top to complete an unlimited sky target that may last for more than 2 weeks.
CHFJPY may indulge difficulties in breaking up towards new highs, but a weekly close above the latest yearly high will increase buying pressure for at least 3 figures. Buying dips of the deepest is highly preferable.
B. Signal
CHFJPY: Sell 10388; TP 11pips
Limit Order Valid till 03 Jun
C. Mission Accomplished:
N/A
Position(s) Closed
D. The Potential Flows of Trading Information constitute my (Anthony Samaha) judgment and are not trading recommendations. ****
Published on Thu, Jul 3 2008, 10:13 GMT
Archive
- 10pips GBPUSD Mission Accomplished
Published On Mon, Oct 13 2008, 05:48 GMT - USDCAD loss of 367pips turned onto profit of 843pips
Published On Thu, Oct 9 2008, 15:30 GMT - USDCAD update with lock 163pips
Published On Thu, Oct 9 2008, 14:39 GMT - USDCAD reversal target on the way
Published On Thu, Oct 9 2008, 02:04 GMT - 100pips GBPNZD Mission Accomplished
Published On Wed, Oct 8 2008, 08:56 GMT
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