The Pound Swiss Franc.

Good morning Dynamic Traders,

This morning there seems to be a problem with uploading images as Bijal was finding yesterday, and so I will try to explain the trade I am looking at without the aid of a chart.

The cross is of the GBPCHF, which from about July 07 to January 09 was in a downtrend, and after such a large move either consolidation or correction was to be expected.

Price has made a counter trend move up and stands at a fibonacci cluster area of both retracements and extension, and is also making a DT pattern at the figure.

The MACD indicator is showing divergence and so the confluences are building for a retracement/reversal, but wait until you have your desired quota of indications before trading as a push north can always happen and even if the signs are overwhelming for a down move, and so the more odds in your favour the better.

As always please ensure to do your own analysis before trading.

Have fun and good luck.

Clayton Farnworth.