A great opportunity to go Long GBPCHF
Welcome to another FX review this time for GBPCHF .
Today this pair offered a beautiful Bullish engulfing candle, bouncing off the EMA 14 and 21. I expect the move extend to the next major Fibo level.
Here are the reasons for taking this trade. Let me know what you think in the “comment” section and if you found it useful do not forget to “Like” it. Thank you.
1) This is UK 10 Years Gilts, The lower Gilts goes the higher Sterling goes.
See the Green lines representing Time Fibos. Tomorrow is suggested as a turning point and see how many times Gilts attempted to break the support. Tomorrow might be the day or early next week.
2) Same with UK 10 years Bonds
3) UK Yields also formed a wedge and it cannot go any further. If Bonds and Gilts break to the downside this will break to the top side and Pound will appreciate.
4) Pound futures sitting at a falling trend line and today it made a lower low but only by a few pips.
5) FTSE is likely to visit the mid line after the false breakout of the key resistance level .
Now let’s review CHF
1) This is CHF weighted average
2) Another visit of the support for CHF futures
3) Beautiful SXY false breakout and then breakout into the opposite side.
Thanks for visiting this post,