The Pound to Swiss Franc (GBP/CHF) exchange rate rose by 0.02% in the wake of Friday to drop in value in the latter part of the day; with the pairing currently fluctuating around 1.195. I am expecting a temporary downtrend in the form of correction at this juncture in the following week(s).
Tendency: Downtrend ( Bearish )
Structure: Harmonic (3 Drive)
Observation: i. Anticipation for a reversal appears to be high as price goes through a series of three consecutive Higher Highs indicated on the chart as Drive 1, 2 and 3 to hit my Supply zone.
ii. Corrective wave is at 61.8 retracements for each leg.
iii. Drive 1, 2 and 3 falls at 1.272 extensions of the corrective waves.
iv. A sharp rejection of Supply zone @ 1.20000 could be a signal inciting the Bears presence.
Trading plan: SELL confirmation with a minimum potential profit of 150 pips.
Risk/Reward: 1:3
Potential Duration: 1 to 4days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
NirvanaForex
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Tendency: Downtrend ( Bearish )
Structure: Harmonic (3 Drive)
Observation: i. Anticipation for a reversal appears to be high as price goes through a series of three consecutive Higher Highs indicated on the chart as Drive 1, 2 and 3 to hit my Supply zone.
ii. Corrective wave is at 61.8 retracements for each leg.
iii. Drive 1, 2 and 3 falls at 1.272 extensions of the corrective waves.
iv. A sharp rejection of Supply zone @ 1.20000 could be a signal inciting the Bears presence.
Trading plan: SELL confirmation with a minimum potential profit of 150 pips.
Risk/Reward: 1:3
Potential Duration: 1 to 4days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
NirvanaForex
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Trade smart. Trade consciously