A tactical CHF short.... Central Bank combo

FOREXCOM:CHFNOK   Swiss Franc / Norwegian Krone
=> In this particular example we are outguessing a break of a channel and confirming further wide chop with the cross.
=> This week is busy from a monetary policy perspective and with both the Norges Bank and SNB in play we decided to use the CHFNOK as the main course...
=> Thursday is the rainmaker here; whilst the SNB are likely to portray a dovish tone especially after the recent CHF rally... Norges Bank will deliver a 25bp hike.
=> This hike is widely priced in and expected so anything else will shortcircuit the NOK across all other pairs.
=> It is also worth mentioning the late cycle rally in oil . Those following our portfolio know we have already begun positioning to the sell side in oil because of the late cycle.
=> This means we are using a strategic short here in CHFNOK not only as a central bank highlight of the week but also as a hedge to our oil shorts in our portfolio.
=> Overall a complex call that makes sense to us...Best of luck all
Sep 20
Comment: 8.409x Cleared and partial profit booked... lets see how the rest goes.
Sep 25
Comment: A flawless range so far; 8.4980x - 8.4166x
Sep 27
Comment: Bears in full control
8.409x Cleared and partial profit booked... lets see how the rest goes.
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