Sir, type 1 sum, you have compared usd/gbp to dealer’s rate chf/gbp. My doubt is how can we compare USD vs CHF and say one is overvalued and other is undervalued?
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There the comparison is not between usd and chf. We have to find cross currency rate of chf/gbp using usd/gbp and usd/chf and then compare it with dealer rate of chf/gbp. Here the comparison is between interbank rate and dealer rate both of chf/gpb. The dealer’s rate is overvalued and interbank cross rate is undervalued.