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GBPCHF Daily Forex Analysis: Expecting A Bounce From Here
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Three days of steady progress to the bottom side for the pair creates the likelihood that a Bounce will be seen. Initially the bounce will only be to about 1.6050, the center line and tomorrows pivot point. Secondarily the top channel line may be touched. I doubt that it goes much higher than that. There is concern now that London is in the same fix that Greece is in. They deny it strongly but there is little doubt in market participants minds.

The GBO route that started mid January and has continued with little pull back is due for a correction. Whenever I start thinking that I have to remind myself that it doesn't have to correct. I always look to the USD route in 2008 to remind me of that. However I am in the mindset that fading rallies will be the game in the near future. The top line of the channel might be a good spot to do that from. I have opened a small GBPUSD long to take advantage of the possible GBP strength in coming days, because I think it has a bit further to go. I think that pair may touch 1.5050 by week’s end.

On the GBPCHF though I still don't have a reason to get to aggressive with anything and will be on the sideline for now. I know, it’s boring not to trade, but I would rather have a setup I like than one I have to fight.

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