GBPCHF - One More Up or Total Downside - Update on Sell Opp.ties

OANDA:GBPCHF   British Pound / Swiss Franc
Following our previous analyses on OANDA:GBPCHF , we can clearly see that ultimately the pair has gone to form an ending diagonal patter, on the daily timeframe . Said structure, has already concluded three upswings building up divergence, and could therefore formally be considered a complete structure.

However, the pair could still go for one more upswing, not necessarily up all the way to retest the upper trend line , but just to retest the previous high. This last scenario is still possible and from a technical perspective we will have downside confirmation on the daily only once GBPCHF will have broken the lower trend line , of the aforementioned ending diagonal pattern.

In any case, as said, there is already a good chance that it could drop right now, and we have to be ready for it, as the movement could be quite impulsive and therefore happen abruptly and very fast. For said reason, so we are looking to add sell positions already from minor patterns that are forming in the smaller timeframes (please refer to our smaller timeframes analyses for these), or considering placing sell orders from a level below the lower trend line . Let us remind you that the expected drop, on the daily timeframe , will almost surely take the pair all the way to at least the 1.10 level and possibly lower.

If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.

Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).

Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.

Thank you for viewing.
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