Forex

Forex $1 MM Challenge – Trade #19 (8-15-19) Sold GBP/CHF

If US-China trade tensions continue to worsen, safe haven currencies like the Franc will remain in demand.  However, there is been talks of Swiss National Bank (SNB) intervening in the Swiss Franc’s value to prevent it from climbing too high, which could put a damper on that demand for Francs.

Meanwhile, recent industrial and production data out of England has put pressure on the British Pound. However, the X factor remains whether there will be a hard or soft Brexit or no Brexit at all. Thus, this is a tricky situation, but a trade set-up is a trade set-up, so I went short the GBP/CHF.

Monthly Chart (Curve Time Frame) – monthly supply is at 1.47000 and there is no monthly demand as price is nearing all time low.

Weekly Chart (Trend Time Frame) – the trend is down.

Daily Chart (Entry Time Frame) – the chart suggests price can move lower and to short price at the daily supply at 1.18600.

This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.

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