GBP/CHF: More Downward Movement?

FX:GBPCHF   British Pound / Swiss Franc
Hello, everybody, and welcome to my TradingView’s profile, my name is Gianni and today I’m going to analyse the GBP/CHF, translating the market information by using a full technical analysis on different time frames, giving you a personal opinion about the next most likely market movement and helping you to spot and manage market opportunities.
My ideas are for those who are interested in improving their financial education and for those who are looking for new trading opportunities, according with their own strategies.

Daily timeframe:

4 hours timeframe:

1 hour timeframe:

The market is still trending to the downside, currently on a corrective move, it has just reached its previous key level (support turned now into a resistance level ), just around the 0.50/0.61% of Fibonacci retracement , usually an area where the price start consolidating before a follow market movement.

The market is losing momentum as well, considering that it is not moving with the same strength anymore!
Currently still inside an ascending channel , the most trading activity is now on the lower part of the channel, another possible clue that the intraday bullish impulse is close to the end.

When, where and why would I step into the market?
Before planning my short trade on this market I will be waiting for the price to leave the ascending channel , showing a proper reverse price action with a RRR of 1:2 or greater.
The SL would be above the channel and the local resistance zone , instead the first TP on the demand area (and eventually I will leave the position open in the scenario of breakout to the downside.)
A breakout to the upside, above the resistance level would probably invalidate this trade idea!

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Trade safe and responsibly,

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

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