FXWW News/JPY crosses/Others

CHF/JPY big mover over the last 24 hours

Macro funds started dumping USD/CHF immediately after yesterday’s FOMC and this heavy supply hasn’t really let up since. JPY bears have returned in force with risk-on the obvious mantra. The market is already short of Yen but may have a long way to go before it gets to extreme levels.

CHF/JPY took out consolidation highs near 107.25 and spike highs near 108.70 (see chart). I don’t know what’s behind this move and won’t touch it until I find out.

Good luck today and TGIF.

  1. Good morning Sean,

    Hope you can help me in understanding CHF. The Euro peg has me disoriented and untrusting its charts. I am not sure if I should play on its weakness or ‘safe haven’ status.

    I guess you can understand the mess that I am in here with CHF. Can you please guide?

    Thanks,

  2. If unsure Brijesh, then leave completely alone. That’s safest advice, there are other currencies we can concentrate on. Plus you are not alone, I have always found that mkts where there is intervention do not behave properly and are hard to trade

  3. Yes Sean, very unsure and have left it alone for months or is it a year now. Ever since SNB went bazooka on holding its 1.20peg, I have been lost on how to trade this stuff. But I must say its not a very efficient strategy. I have lots of nice setups go past and got nothing.

    Any ideas on how to trade it?

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