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GBPCHF: The price is going back to its MAIN TRENDLINE

Short
FX:GBPCHF   British Pound / Swiss Franc
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🟢Forex Pair:
GBP/CHF

Technical Analysis:
Since the 10th of January 2021, the price has been moving following an interesting trendline, bouncing on it many times.
Once it reached the S/R zone at about 1.21700, it got several rejections on that level, finally breaking through it on the 29th of January.
It re-tested few times a strong weekly resistance zone at about 1.22800, creating every time a higher low.
It is currently re-testing the same level and the next price action around this zone will be essential to understand the next market movement.

🔴Conclusion:
The price seems to be not really strong enough to break through the current resistance zone and considering that the level 1.22800 rejected the price many times in the past and few pinbars in the daily perspective, I'm confident to see it collapsing down until its main trend line and eventually the next support zone at about 1.21700

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⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️

Trade Safe and Responsibly,
Gianni

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Comments

Very nice analysis ! Well done
+1 Reply
FXtrades-gp KlejdiCuni
@KlejdiCuni, I'm glad to hear that:)
Reply
Great respect for you!
+1 Reply
FXtrades-gp Mahtab_Tradia
@Mahtab_Tradia aw! Thanks a lot 😁
Reply
Always appreciate the insight.
+1 Reply
@abel11 cheers Abel! Appreciate !
Reply
Clean and clear as usual
+1 Reply
FXtrades-gp TheSignalyst
@TheSignalyst, my pleasure! :)
Reply
Great work!
+1 Reply
FXtrades-gp TopTradingSignals
@TopTradingSignals, thanks so much! :)
Reply
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