GBP/CHF rallied some 460 pips on the back of Swiss National Bank intervention from 1.7466 to 1.7928. However, it was retraced back to almost were it started.
Yesterday I wrote:
[I]GBP/CHF rallied some 460 pips on the back of Swiss National Bank intervention from 1.7466 to 1.7928. However, it was retraced back to almost were it started. The trend remains up and the retrace provides a good entry at or near the daily 200 SMA at 1.7450. Another strategy would be to have a manually trailed entry order a few pips above the last 4 hour high in order to be stopped into the trade with a 1 ATR stop below an entry and a 2 ATR Limit. This could be a volatile trade in anticipation of a possible intervention repeat, so position size should be scaled down.[/I]
Overnight, the 200 SMA served as a strong support for GBP/CHF. The pair is up some 320 pips at the time of this writing and may close in on its highs for the month in the 1.7800-17950 area fairly soon.