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Citi Makes An 'Opportunistic' Exit For USD longs: Here Is Why?
CitiFX Technicals cut today all of its long USD positions trades by exiting a short EUR/USD position at 1.3195 booking a 536-pip profit (+3.92%), 2 long USD/JPY positions at 103.95 booking a 119-pip profit each (+0.59%), and a long USD/CHF trade at 0.9161 booking a 214-pip profit (+2.39%). "While we continue to believe strongly in the bullish USD trade overall there are technical/historic dynamics that encourage us to “move to the sidelines” at this point," Citi argues. "EURUSD is oversold on both the daily and weekly charts (Most oversold on weekly chart since Jan 2012 with some divergence on the daily chart). ... (full story)
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