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GBPCHF is testing a major yearly trendline

Thursday, September 27, 2018 11:50 AM GMT

Today, Carney and Draghi will be chairing a panel discussion on “Sustainable Finance”. The discussion will involve insights on climate-related financial risks and how they can be addressed. Further to this, the agenda includes UK MPC Member Haldane Speech and Gfk Consumer Confidence. The analysts are expecting a drop of the Consumer Confidence from -7 to -8. Traders should keep a sharp eye on the above agenda to ensure they are abreast of any potential volatility bumps that lie in the road ahead.

Reviewing the technical aspect of GBPCHF, the pair is testing a yearly trendline (T1), while Fibonacci 23.6% level has already been reached. This area has helped to pause the monthly’s bullish momentum.


According to the daily timeframe, the pair is following the trendline (T3) while is moving towards the trendline (T2). In addition, there is a crossover (14/24 EMA), which may indicate a short-term bullish setup.


Overall, the bias remains apparently neutral. A breakout of the trendline (T2) to the upside may boost the price higher towards 1.29 level. Otherwise, sellers may find a opportunity to pressure price targeting optional trendline (T3).

Always review your own analysis. If there is a confluence between the current study and your own strategy, then you may have even better trading setups.

(EMA = Exponential Moving Average, 14 EMA = Yellow, 24 EMA = Magenta)

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