GBP/CHF – will the channel hold

Aug 01, 2023

Note: ISM and Jolts this AM!
Bearish: We are currently @ 1.1199 after an abc correction of the last move. MACD has yet to point the way down. If we can break slope support are looking for a continuation to the ATR Target @ 1.1100 with the overall target the 1.000 Fibo @ 1.0983. This will require that USDX continues up. Watch the USDX for direction. The average daily true range (ATR) for the pair is 83 pips per day and it’s 90 day average is 71 pips per day. USDX is currently moving up. NOTE: I am back from vacation.