16/12/2020 GBP / CHF
GBP/CHF price has fallen sharply since the beginning of January 2007, as we see from 70.50 (RSI) (price = 2.48) to 1.10 on March 2020, and the RSI showed us 50 level has been great resistance since then. Five times in a row our price has never been broke the resistance . The downtrend is still going on.
-Since November 2015, the downtrend line has been strong resistance.
-Horizontal support level at 1.1685.
-As you can see from the above, it will form a descending triangle pattern and the RSI will form higher lows, so this triangle is expected to collapse soon.
-Looking at the chart at year 2007, MACD could create a long-term downtrend by crossing below the current inactive period before falling. This shows that the exchange rate is currently in a state of inactive as we saw before, and the reversal is coming nearer, as the price being saturated by overselling.
-Price is checking RSI 50 resistance once in 6 months and leaving higher high trace once in every 2 months period.
-MACD bullish crossover has not lost momentum since the end of June.
-If you look at the bare candle chart without using the indicator, the price is holding a resistance of 1.22 support at 1.16 very ranging superbly.
-It took couple months to reach its ranging maximum potential, when it fell, it fells four times faster.
-From November 25th to December 11th, the falling channel caught up very well and has now released a bullish engulfing candle since the first bounce at support level, bringing reversal within the ranging zone.
-The Fall Channel has started to collapse.
-MACD up crossover, RSI 50 at level and Marubozu green candle formed which made us go into long entry being bullish signal.
-Range Bound trading is likely to continue.
-The big green candles are followed by bull flags and symmetrical triangles which igniting bullish sentiment fundamentally.
-MACD, RSI continuing leaving higher lows.
-Main reason going long here is long-running Range Bound trade more-likely continue. (First path)
TP = 1.2174
SL = 1.1823
(Path 2: Waiting for a pullback. If you see pullback at 1.18588, there will be a long entry to TP level)
Risk to reward = 9.2
GBP/CHF price has fallen sharply since the beginning of January 2007, as we see from 70.50 (RSI) (price = 2.48) to 1.10 on March 2020, and the RSI showed us 50 level has been great resistance since then. Five times in a row our price has never been broke the resistance . The downtrend is still going on.
-Since November 2015, the downtrend line has been strong resistance.
-Horizontal support level at 1.1685.
-As you can see from the above, it will form a descending triangle pattern and the RSI will form higher lows, so this triangle is expected to collapse soon.
-Looking at the chart at year 2007, MACD could create a long-term downtrend by crossing below the current inactive period before falling. This shows that the exchange rate is currently in a state of inactive as we saw before, and the reversal is coming nearer, as the price being saturated by overselling.
-Price is checking RSI 50 resistance once in 6 months and leaving higher high trace once in every 2 months period.
-MACD bullish crossover has not lost momentum since the end of June.
-If you look at the bare candle chart without using the indicator, the price is holding a resistance of 1.22 support at 1.16 very ranging superbly.
-It took couple months to reach its ranging maximum potential, when it fell, it fells four times faster.
-From November 25th to December 11th, the falling channel caught up very well and has now released a bullish engulfing candle since the first bounce at support level, bringing reversal within the ranging zone.
-The Fall Channel has started to collapse.
-MACD up crossover, RSI 50 at level and Marubozu green candle formed which made us go into long entry being bullish signal.
-Range Bound trading is likely to continue.
-The big green candles are followed by bull flags and symmetrical triangles which igniting bullish sentiment fundamentally.
-MACD, RSI continuing leaving higher lows.
-Main reason going long here is long-running Range Bound trade more-likely continue. (First path)
TP = 1.2174
SL = 1.1823
(Path 2: Waiting for a pullback. If you see pullback at 1.18588, there will be a long entry to TP level)
Risk to reward = 9.2
Trade active:
stop loss be just profit