Is GBP Strength Here To Stay ?
GBPCHF Long
Wed 14th June 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- GBPCHF (Primary Focus Pair)
- GBPJPY (Covered In Video)
- AUDJPY (Covered In Video)
- AUDCHF (Covered In Video
Primary Focus Pair: Trade Plan & Details
| GBPCHF Long | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Entry Price | 1.1410 | ||
| Stop Loss (Min) | 1.1370 | -40 Pips | 1: 1.8 |
| Stop Loss (Max) | |||
| Profit 1 | 1.1485 | +75 Pips | |
| Profit 2 |
Details:
A strong GBP is one to focus on for us today against the weakening CHF.
GBP is S3 and CHF is W3 on our live forex strength vs weakness day traders table.
GBPCHF has been trending higher after breaking through a key trend line resistance level on 31st May at 1.1250.
Most recently price has traded above a key resistance level of 1.1400, suggesting price could continue to resistance between 1.1500-1.1550.
On our hourly trading time frame, we can see price is above a 50 moving average support and the 1.1400 handle.
Price has also been working within a bullish channel adding further confluence to a move higher.
If price is to trade higher, these support levels should be respected.
Technical Observations:
- GBP is S3 and CHF is W3 on our day traders tables.
- Price is trading within a bullish channel on the hourly time frame.
- Price is trading above the 50 moving average.
- Price is above the key supporting level of 1.1400.
- Buyers could be targeting resistance at 1.1500
Todays 9am (BST) Forex Strength Vs Weakness Tables:
