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Technical Analysis For Potential Long Trade
Based on market structure GBPCHF 240min chart is in a downtrend
Price failed to reach at its last upmove the upper parallel of the rising channel
We had a sell off with start point the upper MLUP of the pitchfork
Entry: 1.24960
Stoploss: 1.25430
Profit target: 1.23510
3:1 risk/reward
Technical Analysis For Potential Long Trade
Overall we are in an uptrend
Price test the median line of the pitchfork
At the same level we have previous structure
Entry: 1.05415
Stoploss: 1.05220
Profit target: 1.06005
3:1 risk/reward
Technical Analysis For Potential Short Trade
- Price took out previous swing low, a signal of potential change of behavior
- It has pulled back to previous structure where it seems it's been rejected
- At same level price tests the 50% fibonacci retracement level
Entry: 146.300
Stoploss: 146.850
Profit target: 144.605
3:1 risk/reward setup