You're welcome. My bet is: Up. The Swiss franc gets weaker, the pound is strong. The pair has staged a switchback bounce off of a trendline connecting major highs and lows. I'd place my orders as follows: SL at ca. 1.4307 (below the major low), TP at ca. 1.4635 (alternate high) or at the very high (1.4810).
I have to add one thing. I said 'up', but always be cautious. GBP/CHF is not my favorite pair to go long at the moment. I wouldn't go short here, but with my own money I'm not willing to go long either. There are better opportunities in other fx markets. This one is too choppy for me and so it will arguably stay. Both currencies are equally strong for me (like it was the case with EUR/GBP for the most part of June). I call it rangebound now and I don't touch it until some underlying forces shift.
Thank you for both of your comments. I believe fundamentally GBP should be stronger than EUR in a global recovery (when and if). With the SNB weakening the CHF, I think building longs in GBP/CHF would be better than EUR/CHF. Overall, USD/CHF may be the best long term to be long?
I am also waiting for better levels to start getting long again.
Exactly. I'm long USD/CHF and flat GBP/CHF. I agree GBP should be stronger that EUR. CHF is wobbly but still rather strong, in my opinion. That's why GBP/CHF got off my radar - I don't trade it now. As for EUR/CHF - I'm stll flat but I'm looking to go short at a good price, I believe it's not done falling until it gets at least to 1.217.