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GBPCHF Daily Forex Analysis: Finally Some Movement and Two Possible Trades
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The break was pretty sudden and violent after maintaining a pretty tight Range for better than 48 hours. The good thing about the break though is that is has helped finally set up two possible trades. The first is a move back to the magnet line around 1.6112. I would be looking for a that trade to start around 1.6050 and close it before the 1.6100 mark. I like to leave a little room before the target. In this case it makes complete sense considering the fact that Overnight there was Resistance before 1.6100 on tow hourly pushes toward that mark. This trade would also back fill a black candle trade created by that sudden drop in European trade last night.

The second trade is a continuation of that move downward in support of the 30 day old downward trend. The entry here depends on the close of today’s candle. In short though, I will be looking for about 100 points on the bottom. I really like the target range of1.5873/83 because 83 is about 100 points from current price action. 73 is the bottom of a black candle from 03/12/09. That brings me to a third trade idea on this pair. Basically we are simply stuck in a Consolidation of the longer term downward move that started in mid 2007. The bottom of this move has a black candle that bottoms out around 1.5211. That just may be a target on the south side. Only consider this a possible trade is you can sit on it and afford the capital in action for a few months.

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