GBP/CHF - Shooting Star At 3.5 Year High Signals Temporary Pullback
3cAnalysis | Oct 01, 2014 06:52
Bullish signals for GBPCHF on the week and for Tuesday have been confirmed, investors buying the cross yesterday for a gain of just over ¾ Big Fig and to a fresh 3 ½ year high at 1.5531. Although there is no sell signal, buyers are likely to become increasingly cautious with the market trading towards 1.5585, a 62% recovery to the entire 2009-2011 sell-off.
Losses into last night’s close have formed a bearish Shooting Star and although there have been several of these recently; it has switched signals to temporarily negative. With this in mind the outlook for Wednesday is to sell on the open and at 1.5510, with a stop loss at 1.5531, yesterday’s 3 ½ year high. Targets are to 1.5437/47, yesterday’s low, 1.5416, this week’s base and 1.5385, the 24th Sep low trade.
Get The App
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.