GBPCHF could try to break the long lasting trend...or not
GBPCHF is really undecided nowadays. It has a long lasting trend to fall since the January of 2000. Now it has formed a giant triangle bottoming at around 1.18. Now the Bank of England is in a rate hiking cycle while the Swiss National Bank does not indicate a rate hike any time soon, so a strengthening of the pound is very likely. Besides that, the shockwaves of Brexit are slowly fading, Boris Johnson and his administration set a clear path for the economy (hopefully a good path), so everything is in order, in theory.
On the other hand, the war in Ukraine, the sanctions on Russia, the supply chain problems and the UK's firm anti-russian position and rethoric bring some uncertainty to the equation. On the long run I expect a possible break-out attempt to the upside, targeting the upper end of the falling yellow falling channel firs (around 1.247), then the upper end of the blue triangle (around 1.26).
Be cautious! The other scenario is a rapid fall to the bottom of the channel (1.194), then to the bottom of the triangle (1.18).
Follow me for more updates on the pair and other assets.
Don't forget: money is weird and unpredictable, so plan for all possible scenarios and hedge your positions!
On the other hand, the war in Ukraine, the sanctions on Russia, the supply chain problems and the UK's firm anti-russian position and rethoric bring some uncertainty to the equation. On the long run I expect a possible break-out attempt to the upside, targeting the upper end of the falling yellow falling channel firs (around 1.247), then the upper end of the blue triangle (around 1.26).
Be cautious! The other scenario is a rapid fall to the bottom of the channel (1.194), then to the bottom of the triangle (1.18).
Follow me for more updates on the pair and other assets.
Don't forget: money is weird and unpredictable, so plan for all possible scenarios and hedge your positions!
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