Pound - Franc :- Bullish Momentum OngoingEntry :- Market Price
Stop Loss :- 1.27355
Target 1 :- 1.30300
Target 2 :- 1.31200
GBPCHF trade ideas
GBPCHF: Technical reboundTrade: As long as 1.2600 is support look for 1.2770 and 1.2890.
Day Ahead: www.keytomarkets.com
We see few important Central Bank policy meetings includes Swiss Nation Bank and Norges Bank.
We expect SNB to remain on hold, whereas the Norges Bank is likely to deliver first rate hike in seven years from 0.50% to 0.75%.
With the recent NOK strength, we believe this week’s rate hike is nearly priced in, but further NOK appreciation will be available if the Norges bank hints the second hike in December 2018.
Data wise, there are no market moves for the euro and US dollar today. Elsewhere UK Retail sales grab the attention. We expect UK retail sales set to fall in August. We expect a contraction to 0.0% or even into negative territory. Back in July, retail sales increased by 0.7% from a decrease of 0.5% in June.
GBPCHFEverything is mentioned in the chart as to why we should go long coupled with All the positive bullish divergences on the higher time frames, Going long here.
Entry at the retest.
Buy: 1.30501
TP1: 1.31100
TP:2 1.31480
SL: 1.29890
GBP/CHF Technical analysisFrom our analysis, it seems the pair breached out of the bearish channel consolidating around the Murrey math 4/8 level
so it is expected to go up and reach the 6/8 MM line
Long GBP[great britan pound] and JPY[japnese yen]GBP can be the best trade starting from 4th may . It can be most effective to "GBPCHF,EURGBP,GBPNZD,GBPCAD and GBPAUD."
JPY can also be the best trade starting from 4th may . It can be most effective to"EURJPY,CADJPY,AUDJPY,CHFJPY and NZDJPY."
GBPCHF- Range possiblitiesAB is a Range confirmed by pivots 'CDEF'.
As HTF bias is to the upside the price is likely to break the range resistance and continue to move up.
Green line: represents rejection or unacceptance of break of range boundaries
Orange line: represents acceptance of break of range boundaries
Trades can be taken one the pullbacks.
GBP/CHF > HEAD & SHOULDERS > 1HCreates head and shoulders pattern on 1 hour time frame.
If Break and close above Yellow Line >> Buy.
GBPCHFDowntrend-Lower Lows and Lower Highs
MA crossover iminent
61.8 fib hit-This area has proven to be a strong resistance lvl(Multiple hits)
