GBP/CHF - Rally Above Moving Averages Is Positive For Sentiment
3cAnalysis | Dec 04, 2014 07:19
Bullish signals for GBPCHF in each of the last 2 days have been confirmed, investors buying the market from close to the 200 day average and yesterday through and above the 100 day average. The rally since November’s 6 month low at 1.4942 may be corrective and prices are testing a developing weekly bear trend.
However, with no sign that demand is ending, but until the bear trend is broken, the outlook for Thursday is just cautiously positive, buying on the open and at 1.5305, with a stop loss at 1.5252, a 38% pullback to the gains posted since Friday. Targets are to 1.5362, yesterday’s high, 1.5400 and 1.5456, November’s top.
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