We are now approaching a key level for this pair and I would expect a reaction from here. I have illustrated the next potential scenarios for GBPCHF, personally I am more inclined to the bearish set-up, this would provide us with a lovely risk to reward trade following the channel breakout.
Hey everyone this is my analysis on GBPCHF. Looking to see price hit trend line and see it go to the downside. Before entry ill wait for some confirmation. Please let me know your thoughts if you disagree as i'm still trying to improve. Thank you.
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- We can see price following a bearish channel
- Golden ratio 38.2% touch on daily LH to HL
- Bearish momentum based on HH & LL
- Impulsive movement pending
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As we can see from the daily chart the pair has risen to retest the previous broken support zone at around the 1.27 psych level - I believe this was due to GBP gaining strength on last weeks employment data.
Bullish momentum appears to have slowed at this zone with price action showing a potential reversal (doji), whilst retesting the opposite side of the upward...