GBPCHF: Looking For High Probability Downside Move Soon! #Forex

FX:GBPCHF   British Pound / Swiss Franc
711 6 18

A short to come of this soon (In my opinion)

We are at as long term respected resistance, we have minor consolidation @61.8 retracement of a previous impulse leg, this leg is an important leg for our move because the retrace hit, and retested the previous long term dynamic support and hit the sideways resistance simultaneously, failing at this level. This gave us an action zone, where a reaction will definitely take place.

Best of luck,
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I would understand the BP at these levels, they are still strong level, but what I don't get is how the mighty $ is not even at parity with the CHF with small economy comparing to the US???
Congratulations! Your chart has been select for chart of the day. This is a great example of a breakout trade with clear extensions for profit targets.
TomProTrader walker.england
Cool :). Thanks!
Thanks for this post, Tom ;)
+1 Reply
TomProTrader moorekapital
Yes, this level we are at is definitely suspect, definitely expecting something to happen. Nice for pointing out the weekly chart as well. It's important for this trade... Alongs trading for this pair shuts below 1.4910's I'll probably start shorting cheap weak long sellbacks on this market. Lol
The more I think about it... The more I think the extension target actually looks increasingly realistic, we'll see.

+1 Reply
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