FOREX ANALYST PICKS
FOREX STRATEGIST
JOEL KRUGER
My pick: Buy euro-Swiss franc at SFr1.3415
Expertise: Classic technical analysis
Average time frame of trades: 1 week-6 months
The cross has been under intense pressure for several months, breaking to fresh record lows of SFr1.3070 ahead of the latest bounce. While the trend remains bearish, we have adopted a constructive outlook with the market appearing ready to carve out a base. Daily indicators have just turned up from oversold, while weekly and monthly ones are still oversold and suggest plenty of upside. Have an objective of SFr 1.4115 and a stop at SFr1.3065.
FOREX STRATEGIST
JOHN KICKLIGHTER
My pick: Short sterling-dollar from 1.5085/Short euro-dollar below 1.2500
Expertise: Fundamental and technical analysis with risk management
Average time frame of trades: 1 day-1 week
There isn’t a clear bearing on risk appetite just yet and therefore direction and momentum have yet to develop. I maintain my short euro-dollar setup as an opportunity should things start happening: short below $1.25 with a stop at $1.2650 and a target of $1.19. In contrast, a short sterling-dollar now from $1.5080 takes advantage of a potential short-term channel reversal. Place your stop at $1.5260 and have a target of $1.48.
FOREX STRATEGIST
ILYA SPIVAK
My pick: Short euro-US dollar (pending market movement)
Expertise: Global macro, classic technical analysis
Average time frame of trades: 1 week-6 months
Euro-dollar has confirmed an inverse head and shoulders bullish reversal following a daily close above $1.2570, the 38.2 per cent Fibonacci retracement of the 12 April-7 June downswing. From here, resistance is at $1.2785 and $1.30, the 50 and 61.8 per cent retracement levels. The distance between the head and neckline gives a target of $1.3266, which corresponds to a horizontal support from March-April. I remain bearish and will look for the upward correction to yield a selling opportunity.