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Thread: Trend of the Day

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#562 (permalink)

06-24-2009, 06:53 AM

Gregory McLeod Gregory McLeod is offline

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Looks like the SNB has spoken

Quote:

Originally Posted by Gregory McLeod

The daily trend of the GBP/CHF is up despite falling 200 pips. British retail sales figures came out lower than expected and the pound was punished across the board. This sets up a "Buy on the Dips" scenario as the 38.2% Fibonacci retracement level and a daily rising trend line overlap in the 1.7126 vicinity. The Swiss National Bank also declared that they would defend against any further appreciation of the Franc.

There is a definite pattern in the Swiss cross rates this morning. Notice how AUD/CHF, GBP/CHF, USD/CHF, and EUR/CHF are all at the top of the ProRealtime heatmap:

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