BlueFireForex
Long

GBPCHF At Key Area. Two Scenario's

FX:GBPCHF   British Pound / Swiss Franc
GBPCHF overall is downtrending as you can see on the higher time frames (4H and above). We have added a chart image of the weekly and daily charts below this description.
As you can see on the weekly chart, Price in march had spiked down aggressively to form a new all time low for GBPCHF . This can signify a possible aggressive rise in price in the near future.
Price had recently broken below a larger range and is now trading within a tight range below.
On the 1H we have a clear downtrend towards the bottom of the range and price has failed to break below multiple times.
We have marked two scenario's on the chart, however we have a LONG bias on this pair due to price nearing all time lows.
Short scenario;
If we get a clear break below support, we would like to see price develop a continuation pattern on the 1H or 4H charts to look for shorts.
Long scenario;
We would like to see price break above the minor resistance (blue line), retest and reject this area with strong bullish momentum candles ( engulfing / pinbar ) to confirm long positions to the top of tight range and possibly further.
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