GBPCHF is Done
Today's +300-pip decline in GBPCHF is considered to be the beginning of a gradual downtrend towards the bottom of the 7-month rising channel. Weak data from UK retail sales and CBI as well as the SNBs signalling its satisfaction with recent franc-selling intervention has weighed heavily on the cross. GBCHF tests its 200-day MA of 1.7450. The cross is a very active pair during risk aversion swings and notorious for carry trade unwinding). Selling is especially expected on fresh selling in equities. Preliminary target stands at 1.7390, 1.7220 and 1.71. Rebound is seen capped at 1.766. EURCHF also seen testing below 1.5 towards 1.4930.
**** N.B. THE SWISS NATIONAL BANK INTERVENED SHORTLY AFTER THIS POST, PROPELLING GBPCHF BY 300 PTS BECAUSE CHF WAS STRENGTHENING EXCESSIVELY AFTER ITS STATEMENT****therefore resistance is being lifted to 1.7750s, but new downtrend seen intact.
UPDATED RESISTANCE at 1.7970, 50% of pullback from 2.49 to 1.5186
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تفسير مراحل الذهب
Mar 17, 2023 21:28 | by Ashraf Laidi.
Ashraf
Ashraf
Thanks
Gunjack
Ashraf
aechon
I hope you have had a good weekend.
GBP is absolutely relentless against the Swissy. Per my (poor) TL drawing it appears as though we have broken above the down trend line from May '07; all of my momentum and strength work shows continuation on a daily and weekly level along with strong MA underpinnings. Can you please let me know where you see the weakness in this pair...I am short extensively due to trying to defend against a short sighted trade against the SNB bounce; totally away from my system...one of those...that's just gotta correct kinda trades that should have been left in kindergarden. Many thanks.
aechon
ASHRAF
A
Thanks for the information.
Good luck for your trading.
Cheers!!