1/2 Month uptrend after 50/200 EMA crossover followed by bearish momentum shown on MACD
Strong signals to sell as MACD crossover and histogram displays negative.
Tested 1.297 4 times with strong resistance.
Price is currently consolidating before another move.. it is stuck at its current resistance level, we will need to wait for a breakout at either end before entering a position on this pair.
My bias is bearish so will wait for price to break the trendline before shorting
This pair is perfect for analyzing.
You will notice the previous structure got attacked and GBPCHF was forced to create new double top highs.
I still think this pair will follow the route of the ascending channel after bouncing from the horizontal line, we just need to give it time.
Price has reached key daily level and is moving very correctively on the H4 timeframe showing signs of weakness and a potential reversal and a swing to the downside is becoming more probable. Price has tried to break through this level 2 times before and is now on its 3rd attempt, so if we see price hold we can expect to see a bearish swing to the daily level...
Tough market to trade this week, the level of manipulation is out of this world. Im very interested in trading this pair, what I would like to see is a confirmed close below the structure marked to be able to sell it. If we see price shoot to the upside, I will leave this trade untouched.
COT Data - 64% Lonf