mattycheung
Long

GBPCHF 1:5 Risk Reward LONG (Potential Setup)

FX:GBPCHF   British Pound / Swiss Franc
Fundamentals:
LogicStrategy Quant scores shifting in favour of GBP, compared to the weak score provided for CHF.
- This was following the recent decrease in unemployment in the UK down to 3.8% from 3.9%.
- CHF PPI dropping significantly to 0% with a forecast of 0.2%
- CHF retail sales dropped significantly this month, down to -0.7%
- SVME PMI down for CHF to 48.5 with a forecast for 51

All signs showing the safe haven CHF is overvalued and requires a correction whereas GBP has started to gain strength amidst brexit negotiations being extended.

Technicals:
- Waiting for any long confirmation signals before considering an entry
- still to early in terms of technicals
- Would like to see 4HR higher highs, buying power candle stick confirmations etc..
Comment: No clear signs of support right now we'll see if the area holds or not. Doesn't look like it considering the momentum
what now?
Reply
mattycheung Kingzman
@Kingzman, no clear signs of a technical support level so not going to enter the trade, I'd like to see higher highs in 4HR but nonnyet
+1 Reply
Hope for this one!
Reply
mattycheung Kingzman
@Kingzman, yes haha! Still to early to get any entries as mentioned in description there's no technical signs just yet.

Maybe if the support holds it can still have a shot however if it breaks I'll tick it off my list as not viable
+1 Reply
Kingzman mattycheung
@mattycheung, hopping that Friday was the lowest it would go. Looking for a D1 fibs 50%. Cheers
Reply
Nice one
Reply
mattycheung khamis12
@khamis12, thanks, likely I'll be removing from my watchlist if the support doesn't hold out. If it congests around this area though it may be more interesting
Reply
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