01 Mar GBP:CHF Brief Analysis For 1st March 2012
There is still very little to say in regards to high probability swing trading set-ups. Last Week it appeared that we might see some volatility back in the Markets to offer some new Swing set-ups, some of which I detailed over the Weekend did play out but I didn’t get positioned for any of them.
One thing I am keeping an eye on is GBP:CHF.
My previous 2 long entries didn’t yield results so it’s not a pair I have confidence in right now, but I think it’s worth keeping an eye on at current levels in view of a potential short entry.
The daily chart shows ‘brick wall’ resistance in the form of multiple converging MA’s not far above today’s high. Strong rejection from these MA’s could well provide a low risk short entry:
The 4 hourly chart shows a strong retrace to a previous congestion area and this combines with a decent Fibonacci retrace as well as the 4 hourly 200 MA that has previously offered good resistance but it has been tested too often over a short period of time to offer a convincing short entry without confirmation, because we just don’t know for sure which time price may break beyond the 200 MA and continue it’s rally:
Just to point out that I did enter a short position in this pair today that was triggered by a limit order I’d not got round to cancelling in time, but I doubt I’ll hold the position as a swing trade unless we see imminent weakness from here.