We sold Swissy early last week as dollar dropped below indicated support at 0.8443, a short position was entered at 0.8460, price then met renewed selling interest around the Ichimoku cloud bottom and bring another decline, indicated downside target at 0.8360 was met (with 100 points profit) as price fell to as low as 0.8338 last week.

We bought the single currency against sterling twice last week, first time at 0.8800 and the raised stop at 0.8780 was hit as the pair slipped again to as low as 0.8721. We bought the pair again later last week at 0.8750 and euro did found good support at 0.8721 and staged an anticipated rebound to 0.8854 on Friday, we exited the position at 0.8837 with 87 points profit (equivalent to over 130 points profit on euro).

The long position entered earlier on 10 June at 1.6250 finally paid off as cable rebounded initially last week after holding above support at 1.6215 and the position was exited at 1.6340 with 90 points profit. We then bought cable twice last week, one at 1.6330 (stopped at 1.6315) and the other was entered at 1.6085 (last week’s low was 1.6078)

We bought the single currency against Japanese yen twice last week, the first time we bought at 116.60 and despite breaking above previous resistance, lack of follow through buying and the subsequent retreat stopped our position at 116.90 with 30 points profit. We then bought the pair again at 115.85 and although price rebounded from 115.93 (Thursday’s low), renewed selling interest emerged again at 116.88 on Friday and dropped again, the position was then stopped at 115.20.

The British pound went through a very choppy week, despite initial retreat to 1.6324, we bought cable once at 1.6360 and in view of the downside risk we exited the long at 1.6357 and bought the pair again at 1.6330, price then staged an anticipated rebound to our upside target at 1.6450 with 120 points profit as price rallied to as high as 1.6474.

We bought the greenback against the Canadian dollar once at 0.9690 and in view of the sharp retreat to 0.9653, we exited the long position, however, the pair did held above previous support at 0.9641 and has risen again, finally exceeded previous resistance at 0.9817 to as high as 0.9852 last Friday.

Although the single currency retreated quite sharply from 1.4459, our recommendation to buy euro at 1.4310 proved to be well founded as renewed buying interest emerged at 1.4308 last Wednesday and a ‘hammer’ candlestick bullish pattern was formed, euro then resumed recent upmove to 1.4518 (our long entered at 1.4310 met target at 1.4405).

Due to the shortened update week, no position was entered last week.

After seeing the retreat from 82.23, we sold the greenback against Japanese yen at 81.90 with original stop placed above 82.23 at 82.25, however, we then lowered the stop to 82.10 as price slipped, unfortunately the pair bounce to as high as 82.22 before dropping again, the position was stopped at 82.10 but price then tumbled to as low as 80.70 today.