GBP/CHF: Over Two Year Highs, But Dip Buying Dominates
3cAnalysis | Sep 24, 2014 06:58
Friday’s Shooting Star has come from close to the 2012 top at 1.5485 and is negative for GBPCHF sentiment. The end to a sequence of higher daily lows is also negative, and it turned Tuesday’s forecast to bearish. While this was confirmed to start with, all of an initial near ¾ Big Fig sell-off was recovered. This is positive, but prices have remained inside Friday’s range for the 2nd day in a row.
With this in mind the outlook for Wednesday is just cautiously positive and it is to buy on the open and at 1.5369, the last 4 hour low on Tuesday, with a stop loss at 1.5340, yesterday’s afternoon low trade. Targets are to 1.5447/57, Friday’s high, 1.5485, the 2012 top and then 1.5550.
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