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28/04/2014: I have just taken profit on BOTH Dollar/Swiss short and Euro/Dollar long

The dollar weakness this morning has caused a sharp move lower in Dollar/Swiss and a move higher in Euro/Dollar.

However Dollar/Swiss is stalling at key support at 0.8775 and looks to be consolidating the move after a 35 pip fall this morning. I think this is a chance to take a nice profit on my short position ahead of a heavy week of US economic data.

A similar picture for Euro/Dollar which has struggled to hold on to gains for very long before a reversal has set in in recent days. I have looked to use this 40 pip gain this morning as a chance to lock in a profit as the rate is now into the resistance band $1.3865/$1.3880. I am also mindful of a head week of US data.

I closed my USD/CHF short at 0.87862 for 45 a pip profit.

I closed my EUR/USD long at $1.38702 for a 51 pip profit.

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At Hantec Markets Ltd we provide an execution only service. Any opinions expressed by analyst Richard Perry should not be construed as investment advice or an investment recommendation. This report does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. Forex and CFDs are leveraged products which can result in losses greater than your initial deposit. Therefore you should only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved, seeking independent advice if necessary prior to entering into such transactions.