Day trade
Trade view / 27 September 2016 at 6:00 GMT

GBPCHF signals point to relief rally

partner and technical analyst / 3 c analysis
United Kingdom
Background

The market has posted 11 lower daily highs in a row for GBPCHF, but has not extended this trend for almost eight years, since December 2008.

With intraday sentiment much oversold, buyers have returned to the market from close to 1.2500, the Fig for sentiment to recover into Monday's close.

A small daily Hammer has been formed which is positive and points to a temporary rtelief rally.

Management and risk description


Allow room to buy the dip and raise stop to entry if the first target is met

Parameters


Entry: Buy at market and 1.2548, Friday's low.

Stop:
1.2504, yesterday's low.

Target:
1.2666, last week's Marabuzo line and 1.2771, the September 20 open.

Time horizon:
Today only.


 
GBPCHF Weekly - 1 3/4 year lows
 
GBPCHF Quarterly - Rally stalls
 Source: All charts, CQG

— Edited by Adam Courtenay

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Non-independent investment research disclaimer applies. Read more
27 September
Steve Lucas Steve Lucas
CLOSING THIS TRADE OUT - signals no longer support the bullish view
27 September
BertHH BertHH
OK thanks Steve

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