DocWonmug

GBPCHF 240 long – RSI has broken, waiting for PA

Long
OANDA:GBPCHF   British Pound / Swiss Franc
We are in an UT that can be seen on the 1D. The recent HH has formed just above a major trendline and a new probable HL looks to have formed. I am waiting for the retest of that HL and a break in the PA trendline.

However, also seen on the 1D chart is a break in the RSI trendline (shown in black). When that is put in the context of the recent test of the major falling trendline (in green on the 1W chart), I think we will shortly see a trend reversal. So I would treat this current proposed trade as a counter-trend trade and keep a close eye on it. Here are the 1D and 1W charts.



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