Three Currency Pairs To Watch Out For
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Many significant currency pairs hinged on GBP, EUR and the USD have been languishing as of late as investors are holding out until the central banks shift offset each other’s policies. However, while this does mean that the market appears to be in turmoil, the fact is that this is an excellent opportunity for swing traders to profit. Though there is an equal chance of winning on these trades as there are of losing.
One reason for these 50/50 odds is that the movement within these rand bound pairs is hard to predict. Then you never know when intraday reversals will kick in and upset everything. Though many savvy traders may trade these range bound pairs, but they also want to hedge their bets on a trending market which offer better prospects.
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USD/INR Currency Pair
The US dollar has finally started to rise after having successfully broken out of consolidation. The move has in part been driven by the FOMC outlook which has called for further rate hikes in 2018 which tends to overshadow the robust forecast by the Bank of India.
As of right now, the currency pair is at a seven month high, and there is an indication of it moving higher. All indicators point to a bullish position and suggest a higher price once the 65.75 resistance threshold is broken. Most experts place the pair at 66.00 and around 66.50 within the next the next three months.
GBP/CHF Currency Pair
Currently, the GBP/CHF has seen a surge in its prices over the last 6 weeks and is near to forming a consolidation pattern. This uptrend is also driven by the expectation prices will be pushed further up by the Bank of England with inflation data being weak and sketchy from Geneva at best.
So, the combination of runaway inflation in the UK and a further risky attitude will perhaps drive the currency pair prices higher in the short term. Resistance is pegged at 1.3800, but this may not hold for long. Anything breaking above 1.3800 will put it in a bullish mode, and we could see it go as high as 1.422 within the next month or so.
CAD/CHF Currency Pair
The Canadian dollar looks to have gained momentum against the Swiss Franc. The CAD/CHF has experienced a rise in the past month after confirmation of a reversal. Currently, it is trading below the 0.700 resistance, and we are confident that it will be broken. The indicators are clearly bullish and so higher prices seem inevitable, but overall momentum is fading. Though expect that the bullish outlook will lead to higher prices.
CAD/CHF Currency Pair
Once it breaks 0.7700, it would be bullish, and we are seeing experts placing a target of between 0.7800 and 0.7900 in the short term.
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