Market Updates GBPCHF Daily Forex Analysis: Downside Target Hit, Now What
| GBPCHF Daily Forex Analysis: Downside Target Hit, Now What |
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If you were looking for continued GBP strength from last Friday's move, you were sorely disappointed. In Friday's post, I told you to expect this very move. The move went deeper than anticipated but none the less the pair opened around 1.6267 and set about working its way down to the 1.6197 target mentioned. I reread the post from last Friday and thought it was pretty good. If you are at all interested in knowing how I am able to consistently call the direction and targets, you should read and reread that post until it is completely clear. Remember that if you have questions you can always email me. I am happy to answer questions. As far as the rest of the week goes, I mentioned that continued weakness may send me short tithe pair. I haven't yet found a reason to trade short. I also mentioned that I would be looking for long positions at higher places. None of those trades are even close to printing yet so I won't go over them again. They were all outlined in Fridays post. There is a descending channel forming that just doesn't look that strong. So a break of the bottom line may put me cautiously short for 1.6000. Otherwise You could also fade a touch of the top line with a little more confidence.
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