InvestingScope

GBPCHF: Long term Bearish Megaphone. Buy/ Sell opportunity.

FX_IDC:GBPCHF   British Pound / Swiss Franc
The pair has been trading within a Bearish Megaphone pattern on the 1W chart ( RSI = 42.637, MACD = -0.018, ADX = 36.624, CCI = -60.8239) since early 2018. The pattern has been making clear Lower Highs and Lower Lows with 3 weeks ago being its most recent Lower Low, which is now the Support (1.11000). The price is on a 3 week rebound since (all green candles), the MACD is making a bullish cross and we are expecting this rise to extend as high as the 1W MA200 (orange line). Technically every Lower High reached roughly the 0.786 Fibonacci of the previous High, but hitting the 1W MA200 is a solid place to sell.



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Comments

quite interesting pair, I will be looking at this
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