GBP/CHF: Dip Buying Dominates Sentiment
3cAnalysis | Sep 30, 2014 07:00
Three strong GBPCHF up-weeks in a row and a new 3 ½ year high on Thursday at 1.5510 has attracted profit taking selling, but so far the pullback has been limited. It has given rise to a degree of investor indecision however, sentiment trading sideways on Monday for an unchanged close, the 3rd unchanged daily close in a row.
Signals are subsequently not strong, but there is a bias to buy dips, so with this in mind the outlook for Tuesday is to buy on the open and at 1.5426 with a stop loss at 1.5385, Wednesday’s low. Targets are to 1.5478, Friday’s high, 1.5510, Thursday’s 3 ½ year top and 1.5585, a 62% recovery to the 2009-2011 losses.
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