GBPCHF 1 HR Surprise Box 25SEP08

25SEP08 0130EDT

GBPCHF 1 Hour – I have a box drawn around the most recent high and a former MESA line at 2.0222 and the recent low just below the 200 MA @ 2.0061 as the lower end of the box.  This is a fast moving pair and initially started a downward break but quickly retraced a break of another box trade.  Similar to the GBPJPY I am being very cautios on this pair this week due to the U.S. financial crisis ongoing.  I may take some very small probing trades after major news (after the initial whipsaws) if a trend looks like it is starting, and only add to the trade if it closes outside the box and shows strong conviction. 

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