GBP/CHF: Bounces To Be Temporary
3cAnalysis | Sep 09, 2014 07:09
Against a background of negative signals for GBPCHF on the week, Monday’s trading opened on a strong bearish gap below the 100 day average rate.
However, initial losses of 2 Big Figs since Friday’s 1.5203 close have attracted buyers back to the market from just above the 200 day average, sentiment recovering by ½ Big Fig from the base.
Bounces are likely, but these should be temporary and the outlook for Tuesday is to sell on the open and at 1.5110 with a stop loss at 1.5137, a 50% recovery to the losses posted since Thursday. Targets are to 1.5040, 1.5006, yesterday’s low and 1.4969, June’s base.
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