GBP/CHF: Sell Rallies
3cAnalysis | Oct 20, 2014 07:41
All of last week’s bearish targets for GBPCHF were met, sentiment posting a 2nd lower weekly high & low in a row and an initial losses of 4 Big Figs. However, the analysis also highlighted the fact that prices had only traded briefly below the 200 day average rate over the past 1 year. Investors subsequently returned to buy the cross on Wednesday at this pivot and close to the psychological 1.5000, sentiment recovering by 2 ½ Big Figs from the 1.4993 base.
There may be further gains to start this week, but these should be temporary and the outlook is to sell modestly on the open and at 1.5330, with a stop loss at 1.5472, the 2 week high. Targets are to 1.5126, Friday’s low, 1.4969/74/93, the low trades for June, Sep & Oct and then 1.4766, May’s base.
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