This pair got a nice rise at the end of last week, breaking through the kumo before eventually falling back down. We are now approaching tenkan sen in the kumo and I am watching to see if it will act as support for another kumo breakout. If we can get that breakout I've set my entry level at previous price structure resistance I want to see broken to help confirm...
Important weekly support has been breached.
The red line above the green line within the Ichimoku cloud marks continued declines.
The gbpchf is below all the important moving averages.
Uncertainty in the UK weakens the pound.
Uncertainty in the global economy strengthens the chf
We can see lots of confluence for a rebound on this pair :
1) Price rejected a strong horizontal support 4 times
2) Last trading day the pair printed a Doji (reversal pattern)
3) Huge RSI divergence
But we can also see that the price might be capped a bit by a couple factors :
1) Descending trendline
If the descending trendline is broken we can see a...
Price action has completed an ab=cd pattern, at a strong support zone on the 4 hr chart for this pair. The completion of the ab=cd pattern is a bullish signal therefore it validates our long strategy with our take profits set on the green zones. FX:GBPCHF
After long downtrend the pair seems to have find a bottom. We can see that it has formed a flat since the end of June but RSI gains strength. Now, MACD also confirms that the pair is ready for a leg up. The area 1.265 would be a good place to take profits as it is not only near an area of resistance but will face the 50 MA
On the 4H chart we can see how the pair...
She needs to stop looking in the mirror ;p
Take note of this key resistance turned support zone that price is currently at as I wont spoon feed you forever! So we are expecting bullish movement from this area.
This is a good area and is obviously where big banks have set orders previously, so start thinking like a big investor and start making money instead of...