In our Daily Trade Watch, we look at some high probability trade setups that we can trade throughout the day. Today, we observe that GBP and CHF strength continues.
GBP
Starting with the British Pound, more specifically the GBPUSD, yesterday we saw a strong day’s trading breaking above the 1.3143 weekly high. We would expect to see this market continue higher if we see the move.
The other British pound market which we like the look at selling is the EURGBP. If you look at yesterday’s candlestick you will see a low of 0.8875, which is the same price as the low back on 11th Sept. This low, of course, can provide some support, however, if we see a break below we are very likely to see continuation to the downside. We would regard this as a high probability trade to the downside.
CHF
Another market which has been quite strong recently is the Swiss Franc and we can see this clearly in the USDCHF market where we saw a break below last week’s low of 0.9634. As a result, if we see continuation below yesterday’s low of 0.9611, then we would expect to see another strong move lower.
GBP and CHF Strength Continues – Full Analysis
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