There has been no stopping the bulls on this pair since it made the lows at the end of last year towards the 1.06 area.
Its took the exact path I planned out in the idea that I posted in October last year dropping down towards 1.06 before rallying back up towards 1.15 (read related idea below)
So what next for this pair ?? Given the extent of the rally and the fact we are now approaching a key resistance area @ 1.15 I'd say a short term sell off is on the cards from here.
The daily chart shows this resistance a lot clearer in fact before that breakdown towards 1.06 price had been stuck in a range between 1.10 and 1.15 for quite some time with sellers stepping in every time 1.15 was hit.
If we zoom into the lower 4HR chart there is clear slowing of momentum occurring as price approaches 1.15 with every pop higher getting quickly sold of.
Too me this is a clear sign that sellers are starting to position themselves into selling positions and buyers are profit taking anticipating a move down from 1.15.
I will be looking for sell signals on my TRFX indicating as we hit the 1.15 level targets for this positions will be the newly created weekly DEMAND/BUY zone around 1.12 and we may even get a deeper correction down towards 1.10.
I would expect buyers to start buying again at these levels and if there is a clear break and close above the 1.15 level then a move up to the 1.21 Monthly SUPPLY/SELL zone is highly possible.
Though before this occurs I expect a sell off first.
Hope you enjoyed the read let me know your thoughts below.
I am waiting for the same bearish correction before the bullish trend resumes. GBPCHF already increased +850 pips without taking a pause. I agree with your analysis. thank you
PrimeTrading
⋅
Noooooooo don't sell it! CHF will continue to weaken (you have my word for it) Buying pullbacks is the way to go!
TheFxAce
⋅
@PrimeTrading lol did I not say the area to buy it at for pullbacks lol
I literally said a short term sell and what has price done since I posted 🤣🤣🤣🤣
post your own ideas on your own profile
KaltoireCapital
⋅
Perfect analysis, I have sold GBPCHF looking at the same resistance on the daily chart. However, what worries me is the fact that this resistance zone might be fragile as price has tested is so many time already
Biaxar
⋅
If I were trading this pair, I would wait for another retracement, especially if the previous low at 1.171 is taken
Serana2324
⋅
When the downward correction is complete The uptrend will return.
I agree with your analysis. thank you