GBPCHF Wedge On Daily TF On The Verge Of A Breakout ?
This pair has been confined in a wedge on the daily chart and is poised to break out soon enough. Even its parent pair the GBPUSD has high probability to break to the upside. Further GBPCHF is testing a crucial resistance at the 1.29000 level and the pierce of this level on the weekly chart would make the H &S pattern complete, however the momentum to the downside might be limited as it can be met by multiple EMA resistance and ascending long term trendline!
Therefore a move or breakout to the upside is a more favorable scenario to enter our trade. For the criteria to be met, the wedge needs to be broken on the daily chart and the price must break and close above 50 EMA. This will be followed by the retest of the 50 EMA.
I will monitor this pair closely and in the favor of higher probability i prefer the break to the upside is a more likely scenario compared to the H & S pattern formation which will break to the downside.
Stay tuned for any updates. Just a reminder i NEVER double my risk by opening two positions on the GBP pairs as it doubles the risk!. What i do look for is what GBP pair could give me a better risk to reward ratio and has the least path of support or resistance present.
If you like the analysis follow me and stay tuned for any updates. cheers
Therefore a move or breakout to the upside is a more favorable scenario to enter our trade. For the criteria to be met, the wedge needs to be broken on the daily chart and the price must break and close above 50 EMA. This will be followed by the retest of the 50 EMA.
I will monitor this pair closely and in the favor of higher probability i prefer the break to the upside is a more likely scenario compared to the H & S pattern formation which will break to the downside.
Stay tuned for any updates. Just a reminder i NEVER double my risk by opening two positions on the GBP pairs as it doubles the risk!. What i do look for is what GBP pair could give me a better risk to reward ratio and has the least path of support or resistance present.
If you like the analysis follow me and stay tuned for any updates. cheers
