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.

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?

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.

On EURCHF we see many bearish indications with price action trying to break this level of support with key levels below including 0.99.

CHFJPY is clearly in an uptrend but price action is held at this key level of resistance and the stochastic oscillator is overbought.

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.

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

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