GBPCHF on the daily chart is moving inside a daily descending channel . The price after the test of the 1.25500 area dropped exactly at the monthly support and from there retraced perfectly at the 0.618 Fibonacci level creating a perfect confluence point between the trendline, resistance and a Fibonacci area.
How can we approach this scenario?
Currently, the market is testing once again the support area and if the pair will break below we will move on the 4h chart to search an entry point according to the Plancton's strategy rules.
--–– Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question. The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
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the market is now moving towards a break
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we ll be looking for the break below during next week