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Market View

A potential reversal for GBPCHF

Thursday, November 22, 2018 10:00 AM GMT

Brexit remains the traders’ top concern strengthening the pound devaluation. On the other side, the Swiss trade surplus was the largest trade surplus (3,748M) since January 2017, however earlier in the morning the Swiss Industrial Production reduced to 1.4$ (Previous: 8.9%). Today’s agenda includes also UK MPC Member Saunders Speech.

Viewing the daily technical aspect, GBPCHF is currently testing the support (S1) as well as it is approaching the trendline (T1). Moreover, CCI is flirting upwards with -100 level, while Stochastics is oversold.


Heading to H4 timeframe, RSI is consolidating around 30 level since a week ago.


Overall, the setup indicates a potential reversal. On the other hand, if price violates the trendline (T1) to the downside, then the scenario is busted.

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.

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