I’m long GBPCHF and short GBPAUD… How could you be going long and short GBP at the same time? Yes, under certain circumstances it could be a good idea… see the reason at the end of this post.
Yesterday I went long on the GBPCHF. It is currently trading in a short term range, and if it breaks the top of the range, I’ll move my stop loss to the breakeven level:
I opened my GBPAUD trade the 25th of June, as the time of this post, it is at +440 pips, and I intend to hold it until it hits my TP order at 1.4903. I just would feel more comfortable once it breaks 1.5072:
I’ve been thinking about the GBPCHF, because some way or the other, it is correlated with the EURCHF, and you know how it’s been trading in the last months…
But we can take trading decision on one currency pair because of that other currency pair is doing. So, whatever is happening to the EURCHF, it’s not GBPCHF’s fault.
So I’ve been monitoring the GBPCHF and it looks good for longs. In fact, I’m actually looking for long opportunities. Here is the short term chart:
If you like range trading, you definitely need to take a look at the GBPCHF, it is trading in a very well defined 1H range:
It just got rejected from the bottom of the range, guess where it is heading? Yep, it is likely to continue its way up until it reaches the next short term resistance level (upper green level) at 1.4751.
Trade safe and have a great weekend!
Did you trade the USDCHF yesterday? Let me know if you did…
Another pair that I’m closely monitoring is the GBPCHF, as the USDCHF, it already broke through an important resistance level and it is likely to continue its way up, see it for yourself:
What do you think? Are you monitoring this one? Please comment if you are.
I hope you all had a great weekend!
Last week I wrote about the GBPCHF, it is clear that It’s trading in a bearish condition and I was waiting for a retracement before taking my trade, and guess what? That has just happened. I liked the way it has been bouncing off the ST resistance level, this is what makes this a great opportunity, on the long term charts it’s bearish plus on the short term charts a clear resistance level equals to: LOOK FOR SHORT OPPORTUNITIES:
Make your math on the risk-reward ratio and let me know what you think.
Last week the GBPCHF broke through an important ST support level, triggering a bearish market condition. What I like about it now is that the ST resistance level is still holding, and I’d say its safe to look for short opportunities around that level:
Do you agree with me?
Last week I wrote about the GBPCHF, since the Bank of Switzerland intervention I haven’t traded this one, but right now, it is certainly shouting “short me” (at least that’s what I see, do you see something else?)
It traded for a while in a short term range around an important long term level, but earlier this morning it broke the lower extreme of the range. This triggered a bearish condition and it is more likely to reach the next LT level, which is at 1.3809:
Wait for the GBPCHF to retrace back to the ST resistance level (green level), if it forms a significant pattern with downward pressure I’ll go short.
It’s been a while since the last time I placed a trade in the GBPCHF, I didn’t like the way it traded after the Bank of Switzerland intervention, it looked as if it was nervous, hesitant, etc. But now it looks a little different, consistently trading in between clear LT support and resistance levels, on the short term charts it is trading in a clear short term range, etc.
Here is the ST chart:
So its not ready yet, but I’ll soon…
Have a great week ahead!
Tags: GBPCHF analysis