In my last analysis, I plotted a support zone for GBPCHF. However, GBPCHF has broken the support zone with a strong impulsive movement. We can now look to short GBPCHF. Bears should wait for a retest of the broken support zone, which coincides with a resistive trendline. From here, bears can go short, with a stop loss above the previous support zone now turned resistance, and the resistive trendline. The first target for bears can be at 1.15650.
Remember to take reactively; do not trade based on predictions. Wait for the market to move and price action to give a good signal.
Be sure to follow me for more ideas and analyses. Leave a comment with your thoughts below, all input is appreciated.
Best of luck traders!
Remember to take reactively; do not trade based on predictions. Wait for the market to move and price action to give a good signal.
Be sure to follow me for more ideas and analyses. Leave a comment with your thoughts below, all input is appreciated.
Best of luck traders!
Trade active:
The short position is open and in profits. All those who entered should manage their trades actively. Trail your stop loss based on price action.