CADCHF Long Profits : BoE Could Impact GBP Weakness
Thurs 21st September 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- NZDCHF (Primary Focus Pair)
- GBPNZD (Covered In Video)
Our Interest (pending order)/Open Interest (live position)
| NZDCHF (Long) | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Alert Set | 0.5340 | ||
| Entry Price | |||
| Stop Loss (Min) | |||
| Stop Loss (Max) | |||
| Profit 1 | |||
| Profit 2 |
Risk warning: Trading carries a high degree of risk. Read more here.
Our CADCHF trade rallied in our favour after the Swiss National Bank held interest rates at 1.75%.
CHF weakness entered the market allowing us to close the position for +43 Pips profit.
In other news the Bank of England is forecast to hike interest rates by 25bps this afternoon at noon to 5.50%.
This will have a strong impact on the GBP which has been on the weak side of our live forex strength and weakness tables since Thursday 7th September.
With such a high impact news event coming up it’s probably wise to stay away from the GBP until after the event.
On the strong side of the tables is NZD, currently at Strong 1 (S1) on the day traders.
NZDCHF could trade higher if the strength vs weakness of the two currencies remains the same.
Price on our weekly (W1) time frame is showing a strong downward trend, but in a secondary phase, meaning price is going against the dominant trend.
On a lower time frame such as the H1 price is in a strong upward trend.
This means we could use the lower time frame to trade into a key level of resistance such as the strong weekly (W1) resistance level of 0.5400, before trying to identify a higher time frame trend continuation.
A new H1 time frame high was formed with prior highs being 0.5340.
This could be a level to watch for, if price retested this level and found support it may give us a long opportunity.
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Technical Observations:
- NZD is S1 and CHF is W3 on the day traders table.
- Price is in a strong upward trend on the H4 chart.
- Buyers could target weekly resistance of 0.5400.
Todays 9am (BST) Forex Strength Vs Weakness Tables:
