GBP/CHF Signal Today 29/5: Trying To Build Momentum (Video)
Date
5/29/2024 3:25:22 PM
(MENAFN- Daily Forex) Potential signal:This is one of my favorite currency pairs, as not only do you get the positive swap at you also have seen a major breakout above the 1.15 level. I am perfectly fine buying it here, putting a stop loss at the 1.1465 level, and aim for a take profit level of somewhere near the 1.1850 level British pound initially pulled back during trading on Tuesday but has found its footing a bit against the Swiss Franc.I think at this point in time, we continue to consolidate overall, and it does make a certain amount of sense that we are a bit cautious after rallying the way we have, but ultimately, we are in an uptrend doesn\u0026#39;t look like it\u0026#39;s going to change anytime soon as the uptrend has been so brutal as of late, and we are seeing the Swiss franc lose strength against almost everything out there. Top Forex Brokers 1 Get Started 74% of retail CFD accounts lose money Read Review BrokerGeoLists({ type: \u0027MobileTopBrokers\u0027, id: \u0027mobile-top-5\u0027, size: 5, getStartedText: \u0060Get Started\u0060, readReviewText: \u0060Read Review\u0060, }); var Top5PanelSections = { Logo: \u0027broker_carrousel_i\u0027, Button: \u0027broker_carrousel_n\u0027, }This is especially true when you look at the idea that the interest rate differential most certainly helps. You hang on to this position, you get paid at the end of every day. You also have the overall attitude that the British pound has been stronger than many other currencies while the Swiss national bank has recently cut rates in a bit of a surprise move.1.15 Will Continue to MatterI think at this point, the 1.15 level underneath will continue to be a major floor as it was a significant resistance barrier. The 50 day EMA is racing towards that area. So not only do we have a market memory there, but we also have the fact that the technical indicators are starting to race there as well with that being the case, I think you have to look at this through the prism of a market that is probably a little overdone but is trying to build up enough momentum to continue going higher and I think it does. I just don\u0026#39;t see how this changes anytime soon due to the fact that it is so strong, and everything does line up for the pound being much more attractive than the Swiss franc. So, I\u0026#39;m looking at dips as potential buying opportunities for GBP/CHF.
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