27/10/22 Daily Currency Strength Analysis: GBPCHF Trend Trading Opportunities

Thurs 27th October 2022

Today, Our Daily Forex Strength Weakness Video will focus on:

• GBPCHF

Charts Provided by Charles Clifton

Daily Analysis By Jon Kibbler

GBPCHF Trend Trading Opportunities Above 1.1400?

In today’s video update we focus on one forex pair GBPCHF. This pair will be our focus today as the live forex strength and weakness tables show us that the GBP (S1) and CHF (W3).

The currency pair to watch is GBPCHF as the price continues to trend higher on the lower time frames. Fundamentally the GBP is being supported by the recent change in PM. 

This recent USD weakness has helped the GBPUSD price which has knock on effect for other GBP pairs.

The Monthly chart shows the price is in a retracement phase on a downward trend. This is highlighted by the H4 upwards trend.  

If this trend remains we could see trend trading opportunities form at key support levels. The first idea could forms at the previous H4 highs which is being retested currently. Bullish price action here could invite buyers to jump back on the trend.

The second option could be if the price retests the key level of 1.1400 and demand zone. 

The third option would be a breakout of the counter trend trendline and current H4 highs. 

Technical Observations

• The GBP is S1 on the trend table and the CHF is W3.
• Price is currently trading above the key level of 1.1400.
• If the trend continues the price could target the next resistance level of 1.1550.
• Long idea could form if the price retests the current H4 highs and forms bullish price action.
• If the price moves lower and heads back towards the lows we could see price retest the key level of 1.1400 with confluence of trendline support.
• An alternate option could be if the price breaks above the current H4 highs this could offer a breakout opportunity.