NZD and AUD are trading among the strongest ones today, with the help of recovery in US stocks. While DOW did suffer at initial trading, there ain’t no crash. CAD, however doesn’t share the same fortune as markets are back in concern over NAFTA renegotiation. CHF follows as the second weakest one.
A quick glance at the action bias tables for each currency reveals that CHF is trading with rather broad based downside bias.
GBP/CHF is a clear example with upside Action Bias across time frames. The patterns suggests that it has just finished a near term consolidation and is ready for further rally.
GBP/CHF has indeed taken out 1.3194 key near term resistance today and is resuming the medium term up trend. Next target will now be 61.8% projection of 1.2219 to 1.3419 from 1.2861 at 1.3647.
