I highlighted GBP/CHF as another trade for pound bugs to play but against something else other than the dollar. We’ve hit a support level at 1.4975and have bounced mildly so far.
GBP/CHF Weekly chart 18 11 2014
I’ve taken a small long at these levels and am happy to build into a smallish position to catch any SNB pop, and to have a hand in some pound longs. I’m heavy short CHF as it is so am wary of loading up too much. The tech picture looks quite good so I’ll be happy to add against the support line. Support also comes in from the 55 mma at 1.4803, and the two weekly moving averages at 1.4750 (100) and 1.4632 (200) and that might be my break point of the trade if it dips that far.
From there it’s a question of seeing how the pound performs overall and the headlines from Switzerland into the gold referendum
