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Strongest Currency: CHF. Trading Short GBPUSD?


Hey Valutraders!  Have you seen the strength of the Swiss Franc?

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I’m Brad Alexander and in this week’s Market Blast Technicals let’s take a look at GBPNZD, CHFJPY, EURCHF, and CADCHF.

Screenshot 2023-03-07 at 20.06.57
When we see such strength of a single currency, we have to ask ourselves 3 questions:

First question: Why?

Basically, February’s inflation rate was high indicating that the SNB will again raise interest rates on 23 March.

Second question:  Will the strength continue?

And thirdly: Can we expect a reversal?Screenshot 2023-03-07 at 20.07.10

From the technical perspective, we are in a ranging market on CADCHF with price action at a key level of support and the stochastic oscillator oversold.

We need to see a break below or a bounce to the upside.Screenshot 2023-03-07 at 20.07.22

On EURCHF we see many bearish indications with price action trying to break this level of support with key levels below including 0.99.Screenshot 2023-03-07 at 20.07.29

CHFJPY is clearly in an uptrend but price action is held at this key level of resistance and the stochastic oscillator is overbought.Screenshot 2023-03-07 at 20.07.46

We see very interesting price action on GBPNZD with this trend line acting as both levels of support and resistance.

We are clearly in an uptrend but we need to wait for confirmation before opening a long position.Screenshot 2023-03-07 at 20.07.56

Speaking of the Pound, keep an eye on GBPUSD where we see the downtrend continuing, possibly into a descending triangle.

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That’s all for now.  Happy trading with Valutrades and we will see you next time.

CFDs and FX are leveraged products and your capital may be at risk.7 March 2023 Technicals EN TN



The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice. If such information is acted upon by you then this should be solely at your discretion and Valutrades will not be held accountable in any way.