Hi traders :)
Here are some thoughts about the possible future GBP/CHF price action.
The price has just broken the consolidation channel formed since the middle of October. Although it could seem a long signal, the long term trend is still bearish. The price in fact is reaching the peak volume performance of 1.3054 accompanied by a clear stochastich oscillator divergence which indicates a weakness in the bull trend started in the first half of august. there might be a false breakout and then a maximum once the price touches our bearish trendline. Look at the chart for details regarding entry stop and targets.
Write me in the comments for any questions or thoughts.
Good luck :)
Here are some thoughts about the possible future GBP/CHF price action.
The price has just broken the consolidation channel formed since the middle of October. Although it could seem a long signal, the long term trend is still bearish. The price in fact is reaching the peak volume performance of 1.3054 accompanied by a clear stochastich oscillator divergence which indicates a weakness in the bull trend started in the first half of august. there might be a false breakout and then a maximum once the price touches our bearish trendline. Look at the chart for details regarding entry stop and targets.
Write me in the comments for any questions or thoughts.
Good luck :)