Bearish signals for GBPCHF on the week and for Thursday have been confirmed, investors selling the market yesterday for a loss of just under ¾ Big Fig on the day. However, while the losses have come from close to a daily bear trend, the dip has been bought from close to the 100 day average rate, sentiment closing little changed on the day.
The formation of a small daily hammer yesterday though has left a cautiously bullish bias to signals, so with this in mind the outlook for Friday is to buy on the open and on a dip to 1.5110, with a stop loss at 1.5074, yesterday’s low. Targets are to 1.5161, yesterday’s high, 1.5200 and 1.5259, Wednesday’s opening trade.