GBP/CHF Forex Signal Today 24/6: Pound To Rally? (Video)
Date
6/24/2024 7:21:17 AM
(MENAFN- Daily Forex) Potential signal:
I am a buyer of this pair. Above the 1.1320 level, then the market is likely to continue going higher. At that point in time, I would be a buyer of the British pound against the Swiss franc, but would be aiming for the 1.15 level, and then possibly a stop loss near the 1.1280 level.
The British pound initially pulled back just a bit during the trading session on Friday, only to turn around and show signs of life at the 200 day EMA. The market is currently trying to take out the 1.13 level. If we can rally above the candlestick from the massive Thursday session, which is out 1.1320, then the market really could start to take off.
At that point, I think you've got a situation where you go looking at the 50 day EMA. It's worth noting that the interest rate differential still favors the British pound and I do think longer term, we will see this market pay close attention to this region. I believe that we are on the precipice of some type of significant move.
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Hello, Mr. Fibonacci
Furthermore, it's probably worth noting that if you draw a Fibonacci retracement from the absolute swing low, the market recently has had a convergence between the 200-day EMA, the 38.2% Fibonacci retracement level, and the 1.13 level. With this being the case, I think you have a situation where technical traders are starting to get interested. That interest rate differential does pay you at the end of every day. This does end up being a major driver where we go next.
As long as we can take out the 1.1320 level, I don't see any reason why we don't go to at least the 50 day EMA, if not the 1.15 level. Short-term pullbacks at this point in time I think still see plenty of buyers all the way down to the 1.1 150 level. So that being said, this is a market that I'm still positive in and I think offers a little bit of value at the moment.
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