GBP/CHF: Signals Point To Temporary Recovery
3cAnalysis | Nov 20, 2014 06:56
Bearish signals for GBPCHF on the week and for Wednesday were initially confirmed yesterday as investors sold the cross to post a 5th lower daily high & low in a row and a new 6 month low at 1.4942. However, the market has spent very little time below the 200 day average for over 1 year and yesterday’s trading highlighted a degree of indecision with an unchanged close.
In fact modest gains since yesterday’s base have left a cautiously bullish bias to signals, but until the trend of lower daily highs is broken the outlook for Thursday is just cautiously positive and the call is to buy on the open and at 1.4977, yesterday’s afternoon low, with a stop loss at 1.4942, Wednesday’s overall base. Targets are to 1.5037, yesterday’s high, 1.5080 and 1.5100/05, this week’s top.
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