UPDATE 2.0 - GBPCHF - CONT or BREAK-OUT

Good Evening people…

The new Trading week is upon us and with this I would like to revisit the Technical Analysis of the GBPCHF
The initial post was 10 days ago and the market had progressed slightly towards our target zone for a potential trade set-up
[For the initial Technical Analysis follow the link below]

Moving on to the progression of the chart and further Technical Analysis 


Previously, Top-Down Analysis of the Monthly & Weekly were provided.
Both timeframes remain pretty much identical - Other than the previously identified Pin-Bar 

Now, I did predict that this particular Pin-Bar may just return to the 1.235 Support, which is also a 61 FIB zone for the previous Low [1.299]
With, the Pin-Bar being the a new Higher-High in theory
Furthermore, I did mention that Price would bounce off this level - And, It did precisely that!

Additionally, This bounce closed back above a newly marked out Horizontal S&R
Which brings us to the Daily TF…


On the Daily - We can see that our previously marked out Descending Channel is still intact
Furthermore, you can see the additional Horizontal S&R I marked out
This has been closing out on a daily basis at the back end of last week


Moving Down to the H4…
We can see that the market did Break-Out of the Support of the previously marked out Ascending Channel
Following this Break-Out - Price bounced off the 1.235 Support and has been in a strong trend for the majority of last week
This being our originally predicted zone of Confluence and target for potential trade set-ups

As I previously mentioned - This is an abundance of Confluence
Being a meeting of the H4 Ascending Channel Support Resistance of the Daily Descending Channel and Horizontal Resistance [Beautiful, right?] 

With this in mind, I am still looking for the following…

At this 1.2599 Confluence - A Break-out with a Daily Close before any long positions can be considered 
Alternatively, any type of Bearish Price Action CS or simply rejections would have to be considered as Shorts 

Also, I will be monitoring both the H4 and Daily TFs - As, they both currently seem to be respected at the levels on these TFs
[I am expecting this to alter though]

Although, on the H4 - After the Break-Out, Price reached the Support within 10 sessions
But, has taken considerably more and still moving to reach the new Resistance of the Ascending Channel
This personally being a chart pattern that is preferred to a similar period of sessions for returning to the new S&R after a Break-Out


Finally, We do have a Monthly close upon us this week - Such a close my provide us with further clues as to the future movement of the market



If anyone is following the original GBPCHF Technical Analysis - I hope this has provided an alternative insight to the chart

Thanks for tuning in people & Stay Cool!

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UPDATE 3.0 - GBPCHF