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Gbpchfsell

GBPCHF: Battered Pound woes continue!GBPCHF Intraday - We look to Sell at 1.2328 (stop at 1.2402) We look to sell rallies. We look for a temporary move higher. Buying posted in Asia. Previous resistance located at 1.2330. This provides an excellent risk/reward opportunity to fade the current bullish move. Our profit targets will be 1.2109 and 1.2050 Resistance: 1.2330 / 1.2400 / 1.2500 Support: 1.2200 / 1.2100 / 1.2000 Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Signal Centre’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Signal Centre.
Short
by VantageMarkets
GBP/CHFThe British pound has broken down significantly during the last week, showing signs of weakness and “risk off trading.” The 1.25 level has been a bit of a magnet for price, and the previous three weeks had seen the market simply going back and forth. Now that we have busted through the little bit of support, I do think that it has done enough structural damage to the market that it is only a matter of time before we short again. Keep in mind that the Swiss franc of course is a safety currency, and there are plenty of reasons out there to think that the market is going to go looking towards safety.
Short
by SmoothJB
GBPCHFThe British pound has shot straight up in the air against the Swiss franc during trading on Thursday, but it is worth noting that he gave back about half the gains. Because of this, it will be interesting to see if Sterling can keep its strength, considering that it peeled away from the 50 day EMA almost immediately. The 50% loss of the earlier session gains does not bode well for confidence. You will notice that we recently had seen a massive shooting star that reached all the way up to about the highs of where we were during the day on Thursday. In other words, there is probably a significant amount of resistance in the 1.2360 level. The 50 day EMA sits there as well, so there is a certain amount of technical analysis that could come into this picture as well. Regardless, the market is in a downtrend and therefore even though we have seen a couple of days were the market had really try to turn itself around, it cannot hang on to gains. This tells me that this probably continues to be a “sell on the rallies” type of deal. I find this particularly interesting considering that the British pound spiked against almost everything, and many of its other pairs kept its gains. This could be a function of Swiss franc strength though, so that is something that needs to be thought about. Nonetheless, this looks like a market that is destined to revisit its lows, so I am looking for shorting opportunities over the next two weeks. On a breakdown below the candlestick for the Thursday session, I suspect that would be good enough to get short yet again. To the upside, if we were to take out the 1.24 handle, then I would be more convinced of this breakout it is at that point we would have work our way through significant amounts of resistance, and therefore it would be a move that would have been very resilient and taken a lot of effort. In that scenario, it becomes more of a buy-and-hold scenario where I think eventually we take out the 200 day EMA. Keep in mind that this pair has a certain amount of risk appetite attached to it, rising one risk appetite is strengthening, and falling when it is falling. This looks like a market that is destined to revisit its lows, so I am looking for shorting opportunities over the next two weeks.
Short
by SmoothJB
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