FxWirePro
Short

Cover GBP/CHF longs before getting stuck in blood bath

FX:GBPCHF   British Pound/Swiss Franc
117 0 3
Technicals on all time frames raise a caution for ongoing short term uptrend as previous upswings have not been able to break above resistance levels at 1.4778, instead formed a gravestone doji at 1.4660 (see circled spots in red) that has evidenced steep slumps today.

Even on weekly and monthly patterns evidence the more supply side is seen at this juncture as you can observe last three days' upswings were not so convincing as there were no volumes conformity to these upswings (see deteriorating volumes on weekly patterns). This would help us understand bulls don't seem to be interested and deem it as a failure upswing.

RSI oscillator converges to the dipping prices both on daily and monthly graphs.

Stochastic oscillator signals selling pressures as there was a clear trace of %D line crossover above 80 levels which is overbought territory.

We think the breach decisively above these 1.4778 levels would have bring in new bullish set up but this pair is now expose towards 1.4429 levels and upon break below these levels can drag upto 1.4201 in near term. Prices do not evidence corresponding volumes on daily terms too.

But on speculative grounds, as there is intraday buying trend is on with positive technical indications, we see buying opportunities in binary calls for a targets of 25-30 pips.

This strategy is typically employed when the options trader is extremely bearish for the day on the underlying exchange rate. With binary option trades available every hour, and payouts as much as 70%, there are a multitude of opportunities for making large profits.
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