Pending short GBPCHF 21 Jan, 2021
This pair has found it difficult to overcome the resistance zone located between 1.2220 and 1.2140 since March 2020 and it is stalling here again. Since that time, we have a range and I expect price to start moving down again soon, even though GBP is strong ATM.
I used the H8 chart (not shown) to locate my entry at 1.21400, if indeed price moves down. I am using the round number 1.200 as my initial target. That level has been active in the recent past too. With a 2.3R this target meets the criteria for a viable trade, while a move down to the 1.750 region is not impossible either.
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As always, please use sound money and risk management in all your trades.
I used the H8 chart (not shown) to locate my entry at 1.21400, if indeed price moves down. I am using the round number 1.200 as my initial target. That level has been active in the recent past too. With a 2.3R this target meets the criteria for a viable trade, while a move down to the 1.750 region is not impossible either.
If you like my analysis please give it a “thumbs up” and follow me to get immediate notifications.
As always, please use sound money and risk management in all your trades.
Comment:
Still stalling, no joy yet :)