@Ceinz - no worries, u still made something. Trading the yen is tricky with the ICU heroics from Jap.

So CHF bulls have literally taken over SNB!? Note the EURCHF has retraced the 300pip steriod move by SNB in 24hrs! What a life span??? Here is what I mean...



@Qw - this euro thing is about to be hit by a very huge meteorite going by the eurozone overnight emergency meetings in Italia... Trader pit rumours of a likely bank run due to spooked depositors and some lossy talk on the suspended Aug bonds auction. Note Spain too has suspended the Aug 18th bond auction... With Dow & S&P tanking large overnight, the London session will be interesting.

Gold rush... Clobbered for now but stay tuned...

Btw RBA has cut back the aussie econ growth rate.
Hint - no more rate hikes.
Outcome - aussie to be sold hard.

I'm more concerned with their overheated real estate boom...

Definitely today there will be a big fight between traders and these 2 CBs - SNB and BoJ. I expect both yen and swissie to be bought aggressively tomorrow so new lows on USDJPY and USDCHF are on the cards...

As for the commodo currencies - CAD will be sold the heaviest since big bro has been downgraded. I'm a CAD bull, but the US downgrade metrics have poured litres of ice-cold water on the bull.

AUDUSD and NZDUSD all closed the week on lows. Bears now in control.

USDSGD bounced up to 1.22 after bears failed to breakdown 1.1950, I'll be long in Asia at 1.21 - target 1.26. Will confirm position when taken.

USDZAR yet again got repelled by 6.6x and bounced to 6.90 level. I'll also be long this cross from 6.85 targetting 7.10 then 7.20. The positioning of JSE looks very nasty. I expect this joburg market to tank at least 4% tomorrow...

As for silver long XAG/USD @34.90 taken on June 30, the wild swings have now made me revise lower the TP to 36.50. The likelihood of the trade getting stopped out are now very high with the US downgrade spook. However, commodities present the best place to put your money when sanity comes back.

Im bull on these, AUD/USD now at 200 SMA I expect this support level to hold, as for NZD/USD previous resistance level now turned support - 0.8300, unless broken am still bull.

USDCHF...??? More than 150pips down Asia pre-market. EURCHF, GBPCHF, CADCHF, NZDCHF and AUDCHF will have huge gap down! I expect trading suspension on many global markets today. Even our NSE might not escape this rout and the ATS will fail today if the rout is too hot or market opened late afternoon...



Update - Just read the Merkel and Sarkozy joint statement. A lot of nothing here, same old rhetoric on EFSF. Markets at the moment are not looking for rhetoric and this will not calm down Asia.

You were right on these pairs, now on a free fall.

How the U.S. downgrade will change the global economy


Read more: http://curiouscapitalist...l-economy/#ixzz1UPu234x3

Gold continues its rush - tests $1770 level. $1800 will be taken out today... Panic central. Silver too is on a tear. I was getting antsy with whiplash, but this time unlike 2008, investors are piling in. Definitely when panic settles down there will be sizable corrections.

Oh my! Anybody chking out the aussie. Knocked out!? Down 1 big figure since topping out @1.1050s now @ 1.0050s with a low @0.99s??? This one is a bear magnet now. Any wild rally up should be a shorting opportunity. The cousin kiwi is also in the same boat with much more downside. Am adding it to the shorting list.

USDSGD long working fine. SL now at breakeven.

USDZAR - This one escaped my buy trap. Not interested for now. May buy @6.90 - 7.00 if the market falls back!

Funds flow into JPY & CHF continue. Expect huge moves soon as both continue rallying giving SNB & BOJ sleepless nights. Btw due to the maniac swissie strength their stock market has been sold hard. NIKKEI selloff will soon catch up with yen strengthening.

@hisah..what r ur expectations out of Uncle Ben & The Toners band. QE.3 or non? The probable scenarios both ways?