Nice channel for GBPCHF

Good day traders,

I hope you are well and profited from our ideas this week.

As we mentioned two weeks ago, we bought GBPCHF and we got around 140 pips profit. This week again we are looking to buy more of this pair and put a tight stop loss just below the channel showing on the chart, below 1.5270. Our take profit will be just below the weekly highs 1.5431. As you can see, the pair is following this channel for the last few months. However, my only concern is that the market might go into a Risk Off environment (due to the Gaza, Iraq and Ukraine potential situations) as we will be looking to buy CHF across the board if the situation deteriorates. In this case, the channel will be broken and we will be looking to sell this pair and with our first take profit target being 1.5217 and then the next take profit target at 1.5140.

Also guys keep an eye on the economic calender as we have the Manufacturing PMI (previous – 57.5, forecast – 57.2) tomorrow 9:30 am UK time. As we all know, the UK economy is on the top of the world at the moment and personally I think the number will come out better than expected.

Good luck trading guys and have a nice weekend,

Hussein Daami