The GBP is still at the top of the Daily strength meter v CAD which has dropped below the zero line the past 3 days indicating a push up for GBP.
The problem here is that GBP has been attempting the move the past month and keeps being restricted in its advance.
A break and close above 1.7100 should provide clarity to the upside for the time being.
From our previous forecast, EURGBP has another lower step to go to reach the April 2019 low and major support level,
You can never predict politics so keep your eye on this currency for price action from news events regarding Brexit.
There should be good trading opportunities over the next few weeks.
Price is above the Daily, 60 and 15 KS as well as the cloud. This is a Type 1 trade with a High probability and good RRR.
BO Entry = 1.9643
Stop = 1.9618
Risk = 25 pips
Profit target = 1.9741 (The projected daily High)
Reward = + 98 Pips
RRR = 3.92 - 1
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We have been monitoring USDCHF as we expected some CHF weakness to re-enter the market
as the Swiss National Bank has started to talk of intervention. This would naturally see the
currency weaken and USDCHF, in particular, has now broken through the bullish flag pattern giving us
potential long opportunities.
GBP has been weak for several days and CHF Strong. this pair has now formed a triple bottom with compression at 1.3099. Although the cloud remains thick, it is flattening. There is a high probability that this pair can explode up to The Daily Senkou A at 1.3109 (the Green line)
Entry = 1.30115 (accouting for spread)
Risk = 20 pips
Profit target =...
Update to a previous post I made about the CL level breakdown.
Bias remains short until proven otherwise. Flat, no clear entries for me until tomorrow morning when we look at premarket price action and range.
Yesterday's trade posted to twitter. 11.25R despite mismanaging the hell out of it.
It's imperative you learn to take wholesale entries, understand...
This week the BOC Gov Poloz spoke with a dovish tone, despite this the market took a bullish stance on CAD leading to some short term strength. The probability of a rate hike in July moved from 90% probability to 55% probability and has left investors disappointed.
Looking at the technical analysis we followed the higher timeframe uptrend leading to our upper...
AUDCHF long has been on the watchlist this as a strength and weakness pair. Strength coming from the AUD with a seasonal bias backing the strength up and weakness out of the CHF after recent declines against other currencies.
With this in mind, looking to take this pair long with a technical entry. As you can see price broke through and re-tested a key daily...
Traders, CADCHF came to our attention this week as we identified CHF (Swiss Franc) as a week currency. We paired this with our strong currencies and looked for set ups. CADCHF came and re-tested a weekly support zone and 1hr channel support. From that we saw a double bottom and traded the re-test of that price action. Looking for CADCHF to take out the daily high...