British Pound / Swiss Franc
Long
Updated

GBPCHF - BULLISH BIAS

90
GBP - BULLISH
1️⃣ GBP trading well ahead of UK second-quarter GDP data to be released on Wednesday and helped by a weaker dollar.
2️⃣ GDP data expect to print positive tomorrow. Numbers show that spending improved towards the end of the quarter. Trade balance was better.
3️⃣ Jobless rate beat with 3.9% in June.

CHF - BEARISH
1️⃣ The SNB President Thomas Jordan has been reiterating the CB will continue to intervene strongly in the foreign exchange market to stop the rise of the highly valued franc in order to prevent deflation and protect the export-orientated economy.
2️⃣ Switzerland is expected to maintain its ultra-expansive monetary policy for some time as it is facing the sharpest downturn since the aftermath of oil price shocks in the 1970s.

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TECHNICAL
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- We are looking to long GBPCHF on RBS level + SMA 50 area.
- GBPCHF in bullish zone.
Trade closed: target reached

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