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crosseyed chart

The Swiss Franc has been on a tear lately, and the Sterling – well let’s just say it hasn’t been so well! Things might change for Cable soon as the UK reported a better than expected Trade Balance number at -6.2B versus the forecast of -7.0B. On the chart, we see that the pair has dropped past the 61.8% Fibonacci retracement area and found support at the 76% level.

With the stochastics starting to turn in the oversold territory, I would like to go long, but I will wait for the pair to retrace back to 2.3560 before doing so.

Long GBP/CHF at 2.3560, stop at 2.3460, pt1 at 2.3680, pt2 at 2.3800, pt3 at 2.3900

Remember to never risk more that 1% of your account on any single trade, so please adjust your position sizes accordingly.

With a 100 point stop and a target of almost 300 pips, this trade has a great risk-to-reward ratio and it will be a longer term trade. Stay tuned for updates! Good Luck!

This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.