The GBPCHF cross started the week by advancing 0.23%, although this year the GBPCHF is losing 1.70%. The traders positioning reveals 91% of long positions. However, the volume traded in the bullish side declined since de last Friday from 4,314.21 lots to 3501.81 lots. This drop makes us suspect the retreat of bull traders from the scene.
For this week we foresee a recovery which, as a first potential profit target, could go to 1.23335. Our second profit target for this week is at 1.23930. A decline below 1.22636, the lowest level of the session, could suggest more drops for GBPCHF.
Remember that the price is not forced to move as our outlook proposes. Comments issued don’t represent an investment recommendation.